SFU to receive $8 million from HST rebate
Larry Guthrie, 778.782.4708; larry_guthrie@sfu.ca
Stuart Colcleugh, PAMR, 7782.782.3219; colcleugh@sfu.ca
Simon Fraser University will receive about $8 million as a result of the B.C. government’s decision Jan. 14 to give eligible universities, public colleges and hospitals a partial rebate on the harmonized sales tax (HST).
The new sales tax, which takes effect July 1, will combine the five-per-cent GST and the seven-per-cent PST into a single 12-per-cent tax.
SFU will receive a 75-per-cent partial rebate of the provincial portion of the HST, which will ensure that the university will not pay any more provincial HST after harmonization than it currently pays in PST.
“This is a fair and equitable method to address the transition from PST to HST,” says SFU accounting services director, Larry Guthrie.
Since the HST was announced in July 2009, SFU has been working collaboratively with Victoria and the Research Universities’ Council of British Columbia to come up with a reimbursement formula or direct supplement plan to offset the tax.
“The government was very responsive to our concerns,” says Guthrie, “and we’re pleased with the result.”
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