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Tax Developments
May 2012
On May 14, 2012, Finance Minister Kevin Falcon introduced Bill 54, The Provincial Sales Tax Act, to return British Columbia to Provincial Sales Tax (PST), which will be effective April 1, 2013. As previously announced, consumers will only pay PST on goods and services that were subject to PST prior to the implementation of the HST on July 1, 2010. All permanent PST exemptions will be re-implemented and consumers will not pay PST on food, restaurant meals, bicycles, memberships or personal services, such as haircuts.
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As announced in the provincial budget, certain contracts of insurance will be subject to the 7% Manitoba Retail Sales Tax (“RST”), effective July 1, 2012. The following types of insurance will be affected:
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As a result of changes announced in the 2012 Budget, Manitoba Finance Taxation Division has recently issued Information Bulletin No. 062, “Personal Services”. Effective July 1, 2012, 7 percent retail sales tax (RST) will apply to designated personal services. The bulletin outlines the personal services that will become taxable and also provides information on registration, reporting requirements and how tax applies on purchases made by vendors providing taxable personal services.
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