In early 2012, Nova Scotia announced its plan to reduce the HST rate to 14% (from 15%) on July 1, 2014 and to 13% (from 14%) on July 1, 2015.
Although these proposed HST rate reductions were reconfirmed in the 2013 provincial budget, a new majority government was elected on October 8, 2013. As noted in the budget, part of the new government's election platform was that it would cancel the proposed HST rate reduction.
As a result of this cancellation, businesses that had already taken into account the proposed HST rate reduction may have to review their systems and budgets. For more information, contact your KPMG adviser.
Information is current to April 08, 2014. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500