Goods and Services/Harmonized Sales Tax
(GST/HST) Registrants
GST/HST rate reduction
Effective January 1, 2008, under the proposed changes to the law, GST has been reduced from 6% to 5%. This will reduce the HST from 14% to 13%. Certain types of transactions (e.g. sales of real property, deemed supplies, imported goods, and imported taxable services and intangibles will have specific transitional rules). For more information, visit the CRA website at cra.gc.ca.
Under proposed legislation, effective Jan. 1, 2008,
the general federal corporate income tax rate is reduced to 19.5%
and the small business income tax rate is reduced to 11%.
For more details, go to
http://www.cra-arc.gc.ca/agency/economic/corporate-qa-e.html