Harmonized Sales Tax (HST)
Definition of 'Harmonized Sales Tax (HST)'
The HST was introduced in 1997. The federal government wanted to create a single, harmonized sales tax across Canada. The provinces and territories agreed to the HST in exchange for a share of the revenue.
The HST is a progressive tax. This means that the rate of tax increases as the amount of taxable goods and services purchased increases. The HST is also a broad-based tax. This means that it is levied on a wide range of goods and services.
The HST is a complex tax. There are many rules and regulations that businesses must follow in order to comply with the HST. The HST can also be difficult for consumers to understand.
The HST has been controversial since its introduction. Some people believe that the HST is a regressive tax. This means that it places a greater burden on low-income individuals and families than on high-income individuals and families. Others believe that the HST is a necessary tax. They argue that the HST provides much-needed revenue for the government.
The HST is a significant source of revenue for the government. In 2018, the HST generated over $30 billion in revenue. The HST is used to fund a variety of government programs, including health care, education, and social assistance.
The HST is a complex tax, but it is an important part of the Canadian tax system. The HST provides much-needed revenue for the government and it is a progressive tax.
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