New Brunswick, Newfoundland and Labrador and New Tax Rates
As you may have heard, the HST rates in New Brunswick and Newfoundland and Labrador will be changing as of July 1st, 2016. Their HST rates will change from 13% to 15%.
The New Brunswick and Newfoundland and Labrador HST rates are currently 13%, and use the 13% tax codes (similar to Ontario). Effective July 1st, their new HST rate will be 15%, therefore the 15% tax codes (similar to Nova Scotia) will need to be used.
What does this mean for UofT?
We will be using different tax codes for these provinces:
If you receive invoices or expense reimbursements with receipts dated prior to July 1st, please continue to use the 13% tax codes. If they are dated July 1st or later please use the 15% tax codes.