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Sunday, May 16, 2010

Beat the Tax Increase Before July 1

Ontarians will be celebrating Canada Day by having the privilege to paying more tax. Previously, there was a long list of items upon which no PST was charged, with the implementation of the HST (Harmonized Sales Tax), some of these items will be taxed at 13%.
Sales Tax: a Regressive Tax on the Poor
Lower-income earners must spend a larger part of their budget on basic goods and services. Therefore, sales tax  impacts those who can’t afford it the most. People living in poverty – including those needing social or disability assistance, seniors and the working poor – will bear the highest cost of this new tax policy. From HERE
Items with the New added Tax Grab
Hardest hit sectors in my view will be: print media, home repair, heat & electricity, Canadian tourism , transportation, private vehicle resale, and Real Estate Sales. See a list HERE
Prepay to avid the Tax Grab
You will not be charged HST if you pay before July 1, 2010 for:
  • Magazine subscriptions
  • Prepaid funerals if the contract is entered into in writing before July 1, 2010
  • Passenger transportation services if the continuous journey begins before July 2010
  • Freight transportation services if the continuous freight movement begins before July 2010
  • Passenger transportation passes if the pass period begins before July 2010 and ends before August 2010
I’m off to order my 20 year subscription. fill a huge tank with gasoline, get a buzz cut and sell my car! Are you HST ready?
What's Taxable Under the HST and What's Not?
Helping Consumers Transition to the HST

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