Harmonized Sales Tax (HST)
 |
Definition of 'Harmonized Sales Tax (HST)'A Canadian tariff scheduled to be implemented on July 1, 2010, that combines the federal goods and services tax (GST) with the provincial sales tax (PST). According to the C.D. Howe Institute, a Canadian public policy organization, the HST is primarily an attempt to build a more efficient tax system, and not to increase sales tax revenues. Proponents believe that replacing the cumbersome provincial sales tax (PST) with a one-time, value-added tax will benefit consumers by simplifying the tax system and eliminating some of the current disincentives that many producers face. |
 |
Investopedia explains 'Harmonized Sales Tax (HST)'The notion of a harmonized sales tax is nothing new. In 1991, the province of Saskatchewan, under the Progressive Conservative government of Premier Grant Devine, combined its existing PST with the GST, a move that proved to be tremendously unpopular. In the general election that year, the New Democratic Party under Roy Romanow swept to a landslide victory, due at least in part to a pledge to reverse the "harmonization."Apparently, little has changed on the public perception front. A 2010 Ipsos Reid poll, conducted on behalf of Canwest News Service and Global National, revealed that 82% of British Columbians and 74% of Ontarians opposed the government's plans to harmonize the sales tax. |
Related Definitions
Articles Of Interest
-
The History Of Taxes In The U.S.
The number of taxes that we now consider a given did not always exist. Find out how they arose. -
Cut Taxes By Reporting Property Damage
Know the options you have for your insured property if and when a disaster strikes. -
10 Reasons Why Moving Might Not Make You Richer
Find out why moving to a less expensive city may not reduce your expenses. -
Evaluating Country Risk For International Investing
Investing overseas begins with determining the risk of the country's investment climate. -
Investing In China
Investment opportunity is huge in China. However, investors should consider the pitfalls, understand the risks and rewards, focus on shareholder-friendly companies and stick to investments they ... -
Introduction To American Depositary Receipts (ADRs)
Investors should look beyond the confines of the U.S. borders to diversify and maximize returns. ADRs are one way to diversify your portfolio and help you achieve better returns when the U.S. ... -
What Causes A Currency Crisis?
Find out what can cause a currency to collapse, and what central banks can do to help. -
New Tax Rules Target The Top Tax Bracket
The American Taxpayer Relief Act brings about new tax rules for the wealthy that people such as Warren Buffett have been calling for over the last few years. -
The Financial Fallout Of The DOMA Repeal For Same-Sex Couples
The recent Supreme Court decision to repeal the Defense of Marriage Act has paved the way for same-sex couples to enjoy the same federal benefits as opposite-sex couples. -
How Exchange Risk Affects Foreign Bonds
Investors include foreign bonds in their portfolios to take advantage of higher interest rates or yields, and to diversify their holdings. However, the higher return expected from investing ...
Free Annual Reports