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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Harmonized Sales Tax


Website:http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/menu-eng.html
Acronyms &
abbreviations:
HST
Relevant locations:Canada
Notes:Canadian consumption tax.
Filed Under: financial-banking, investments, mortgages, real-estate, taxation
Tags: taxes
 

Definition of harmonized sales tax (HST)

harmonized sales tax (HST)
1. A value-added consumption tax used in some Canadian provinces to replace the both the "Goods and Services Tax (GST)" and the "Provincial Sales Tax (PST)". The Two taxes are merged into a "Harmonized Sales Tax (HST)", which was once known in some provinces as a "Blended Sales Tax." The rules on what the HST is charged on differs from one province to the next, but generally, a PST is only charged on goods whereas the HST is charged on both goods and services.

Related Terms and Acronyms:

  • direct tax   A tax that is paid straight to the government.
  • goods and services tax (GS, GST)   A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).
      ➥  Bank account transaction code.
  • indirect tax   A tax that is collected by a third party before being transferred to the government.
  • Provincial Harmonized Sales Tax (PHST)
  • provincial sales tax (PST)   A sales tax collected by some Canadian provinces.
  • sales tax   Federal and / or provincial taxes that are applied to purchases.
  • tax (TX)   A levy paid by an individual or entity that is collected by a government.

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