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May 30, 2012
For immediate release
Minister signs framework agreement for the Harmonized Sales Tax (HST)
Finance and Energy
"I am pleased that this MOA provides exemptions for home heating oil, children's clothing and children's footwear, and we are developing a rebate program for low and modest income Islanders," said Minister Sheridan. "The signing of this Agreement means we can now negotiate the detailed agreement with the federal government to make sure the implementation of the HST goes as smoothly as possible."
This Memorandum of Agreement provides the framework for the Canada-PEI Comprehensive Integrated Tax Co-ordination Agreement (CITCA). The CITCA will detail the conditions of implementing the HST in Prince Edward Island, including how the province will transition from a dual GST/PST tax system to an integrated HST. Negotiations with the federal government to conclude the CITCA will happen over the next few months.
"I know the HST will help grow the Island's economy and in turn help Islanders by generating more jobs and higher wages. Now, I want to hear from Islanders," said the Minister. "I am inviting anyone with questions about the HST to come to the meetings I will be hosting and get the real answers. It is important that Islanders know the true impacts of the HST. The upcoming meetings need to be a place where everyone has an opportunity to ask questions."
To ensure that all Islanders are well informed and have an opportunity to ask questions, the Minister will be meeting with business groups, industry associations and the community as a whole.
These meetings will begin on June 20 and run weekly until the end of August. A full schedule of meetings, with contact information, will be published in local newspapers later this week.
For more information on the HST in Prince Edward Island, please review the background information on our website at www.gov.pe.ca/hst.