CANADA AND BC SIGN HST IMPLEMENTATION AGREEMENT
VICTORIA – The Province and the federal government today signed an agreement on the implementation of the Harmonized Sales Tax (HST) in British Columbia, which will come into effect on July 1, 2010.
The Comprehensive Integrated Tax Coordination Agreement (CITCA) contains the terms and conditions under which B.C. will participate in the HST with the federal government.
The CITCA provides for the following:
- The structure of the HST, including the rate for the provincial portion of the tax and the base, including the base as it applies to imported and interprovincial supplies.
- The conditions under which the Province can change aspects of the HST over which it has flexibility and the process for making those changes.
- Timing, including the implementation date of July 1, 2010.
- Federal administration and enforcement of the HST.
- The allocation of HST revenues between Canada and the Province, including the methodology for determining payments to the Province and when the Province is paid.
- Conditions related to provincial flexibility in rebates, including point-of-sale, public service body and housing rebates.
- Transitional measures, including the payment schedule for the $1.6 billion Canada will pay the Province and the application and phase-out of Input Tax Credit (ITC)-denials to large firms.
The CITCA also requires that best efforts be made to complete human resources agreements by March 31, 2010, which set forth the arrangements for the employment by the federal government of persons employed by the Province that are affected by the agreement.
The agreement states that Canada will make best efforts to introduce necessary legislative amendments by March 31, 2010, and ensure administrative and enforcement systems are in place by July 1, 2010. British Columbia agrees to wind down the provincial sales tax on a best-efforts basis before July 1, 2010.
The full text of the agreement is available online at www.gov.bc.ca/hst/Documents/bc_citca_nov09.pdf.
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Well, as the HST, is a done deal in BC. I know my house will be gone. I am going to find out, if I can turn my house over to my mortgage holders now. The cost of living in BC, for the fixed income citizens, are far too high. I researched a place where it costs much less to live. My house isn’t selling, because of the massive lay offs. The price gouging in BC, is rampant. Gas for your car, usually sky rockets for summer vacations, food costs went up 27%. BC’s mills have been sold to China, those jobs will never come back. 800 hundred more teachers will be laid off. 300, more mill workers laid off, last week. Countless, health care staff, laid off. BC’s assets and natural resources, have been sold out from under the peoples noses. BC, is a terminally ill province, there is nothing to stay here for. The Olympic bills, will likely bring additional taxes. However, BC, seems to be wealthy enough for Premier Campbell, to give himself a 53%, wage hike. But, cannon fodder, don’t get raises. There are citizens who can’t afford to pay for a move, what a mess this province is in.