Newfoundland and Labrador’s 2016 budget increases the province’s HST rate to 15% on July 1, 2016, with the provincial portion of the HST increasing from 8% to 10%. As part of the Liberal Party platform, Newfoundland and Labrador’s Premier, Dwight Ball, previously cancelled the former government’s plan to increase the HST rate on January 1, 2016.
The RST had been imposed on insurance premiums for property and casualty insurance policies until January 1, 2008, when it was rescinded.
Transitional rules dealing with the HST rate increase have not been released. Additional details are forthcoming to address, among other things:
- transitional rules for determining when RST applies to premiums that are paid for coverage that straddles July 1, 2016, and
- the specific types of property and casualty insurance that will be subject to RST