Amalgamating the GST and the PST is a big risk politically. There is no doubt but that it will increase the overall tax burden -- that said, it will make business more efficient and will have help Ontario's long term economy.
Tax harmonize the 8-per-cent provincial sales tax with the 5-per-cent federal goods and services tax will take effect on July 1, 2010.
The government intends to soften the blow from higher taxes on everything from haircuts and newspapers to Internet access fees and home heating fuels by giving low and middle-income earners a tax credit of up to $260 a year. As well, families that earn less than $160,000 a year will receive a total of $1,000 in three instalments. Single persons will receive $300. The last instalment will be mailed out in July, 2011, three months before the next provincial election.
1 comment:
I'm strongly opposed to the HST and really annoyed at the McGuinty libs. This will cost him I think.
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