$4M HST shortfall due to retail sales, says province
P.E.I. expected $25M to be brought in by new harmonized sales tax
Although the province expected about $25 million to be brought in by the harmonized sales tax, the amount will be lower by about $4 million, says P.E.I.'s Finance Minister Wes Sheridan.
The province was hoping to have an update on the amount from the federal government by Christmas, but that number hasn't arrived yet, said Sheridan.
According to the province's internal tracking, it appears weakness in retail sales has impacted the amount, said Sheridan.
"And so we cut our expectation down by about $4 million on the overall expectation on receipt from the harmonized sales tax," he said.
The HST came into effect on April 1.