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Investment Fund Holders to See Different HST rates

Posted by on Jun 23, 2010 in Investments | 0 comments

Shirley Won, Investment Funds Reporter at the Globe & Mail reports that investment funds will be hit by a new harmonized sales tax (HST) to be applied on July 1 by Ontario and other provinces, but unitholders will end up paying different rates.

Because funds are pooled investments, companies are scrambling to implement a recent federal rule that requires the new tax to be based on where investors live and the market value of their assets.

That has sent many firms trying to calculate a “blended rate” to be paid by a fund that will incorporate the HST, which combines the provincial sales tax with the federal GST from various provinces, and the GST in non-harmonized provinces such as Alberta……Read More

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