More QST Changes

The Quebec government announced just this week that there are a few changes coming to QST effective January 1, 2013.

As of that date, the “piggyback” calculation portion of the QST (tax calculated on tax) will be removed and the rate of QST will increase from 9.5% to 9.975% effectively making the total price paid the same as it is now. Because of the calculation change, you should update your accounting software accordingly to stay current.

There are some changes to what is taxable, mainly around financial services that may affect your business too.

You can read more on Revenu Quebec’s site here¬†and I discussed how to update rates safely here.

As these changes were just made official on Monday, there is not a lot of time to get changes made with the upcoming holidays, but the increase in rate should offset the piggyback calculation making the change urgent, but don’t cancel Christmas plans to get it done.

Let me know if you need help changing rates in your accounting software and I’ll be glad to try and help.

-b