Canada – New Brunswick increase HST
The Canadian province of New Brunswick has announced plans to increase its Harmonized Sales Tax (HST) rate from 13% to 15% as of 1st of July 2016 in a hope to bring in about $300 million in revenue for the cash-strapped provincial government. They are also increasing Corporate Tax from 12% to 14% in order to draw in more revenue to cover their large budget deficit.
HST is a combination of Canadian Federal Goods and Services Tax, currently 5%, plus the local provincial tax, this is the part that New Brunswick are increasing from 8% to 10%. See the governments recently released transitional rules for the HST increase for further information on the subject.
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