Effective since January 1, the GST rate has been reduced to 5%

The GST rate has been reduced to 5% and we have updated the relevant information on our website. You will find revised versions of existing GST forms as well as form FP-2192-V, GST-QST Adjustment Application for Residential Complexes.

A questions and answers section is provided to help consumers and businesses better understand the fiscal consequences of the new GST rate.

Consumers will find out

  • what to do if GST is charged at the rate of 6% after December 31, 2007
  • what rules apply to items purchased on a layaway plan or an equal billing plan
  • what exceptions exist for new housing

Businesses will find out how the new rate affects

  • sales of property
  • services and intangible property
  • rentals
  • leases
  • imports
  • coupons, price adjustments and returned goods
  • tax accounting and invoicing
  • rebates
  • real property

Note that certain changes will be made to the QST system to take into account the new GST rate.

If you wish to contact Revenu Québec, click on To reach us.

Article source: http://www.revenuquebec.ca/en/centre-information/actualite/2008/2008-01-01.aspx?rss=1