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The QST rate is changing January 2012

January 1st, 2012 QST Change

On January 1st, 2012 (12:00 am EST), the Province of Quebec will be raising their QST rate from 8.5% to 9.5%. 

How to change the Tax Rate in QuickBooks

 

  1. Go to the Sales Tax menu and click Manage Sales Tax.
  2. Click Change Tax Setup.
  3. Select Change the rate (% or amount) of an existing tax and follow the onscreen instructions.


Or

  1. Go to the Lists menu and click Item List.
  2.  Change the tax item for sales
  3. Double-click the tax item for sales (e.g., QST on Sales).
  4. In the Tax Rate (%) or Amt. field, enter the new rate (e.g., 9.5%) for QST Click OK.
     
  5. Change the corresponding tax item for purchases
    1. Double-click the corresponding sales tax item for purchases (e.g., QST (ITC)). NOTE: There may not be a tax for purchases if this is a tax you added yourself.
    2. In the Tax Rate (%) or Amt. field, enter the new rate (e.g., 9.5%).
    3. Click OK.

Once you've changed an individual tax item, any sales tax group item that includes it will also use the new rate.
 




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