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TAXES POLICY * Canada - B.C. truckers high-five new tax
Canada’s westernmost province is planning to harmonize its provincial sales tax with the federal GST next July and the trucking industry here stands to benefit from the idea
Victoria,BC,Canada -Today's Trucking -9 Sept 2009: -- At least that’s the word from the BC Trucking Association (BCTA) CEO, Paul Landry. Landry added the BCTA’s voice to the list of supporters earlier this week... By combining the 7 percent B.C. Provincial Sales Tax (PST) with the 5 percent federal Goods and Services Tax (GST), a single sales tax rate of 12 percent will be created. It will be referred to as a Harmonized Sales Tax or HST... All other provinces with an HST, and the one proposed by Ontario, have a rate of 13 percent... Similar to PST exemptions, the B.C. HST will provide consumers with point-of-sale rebates on a number of products including gas and diesel, which means consumers do not have to pay the provincial portion of the HST at the pump... According to Landry, the availability of input tax credits associated with the HST will reduce the effective tax on new investments in B.C. by 40 percent... This, in turn, will encourage trucking companies to invest in trucks, trailers, safety and energy efficient technologies... (Photo from hankstruckpictures: the old timer with the new truck Mackenzie, BC, 1997)
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