Perfectionism
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HST rebate cheques sent out
http://news.therecord.com/article/725244
Ontario families began receiving rebate cheques Thursday as the province attempts to offset the impact of its new harmonized sales tax.
The HST is a 13 per cent tax which combines the provincial sales tax (PST) and the federal goods and services tax (GST) into one. The result will mean individuals will now have to pay extra on some items previously exempt from one of the two taxes.
The HST comes into effect on July 1.
A government study found that by 2012, families earning more than $60,000 total (about 51 per cent) will end up paying more taxes as a result of the changes, while the remaining 49 per cent earning less will come out ahead.
The June cheques are the first of three payments which will give eligible families up to $1,000, with individuals receiving up to $300. The province received $4.2 billion from the federal government as an incentive to implement the HST to fund the Ontario Sales Tax Transition Benefit (OSTTB).
More cheques are scheduled to be sent out in December and in June 2011.
The HST is designed to save businesses on input costs, which the province says will eventually benefit consumers, as businesses pass on the savings to customers. The tax is also meant to spur job creation and lead to a stronger economy. On this, the government has support from several economists who have studied the tax.
Others, such as Ontario’s opposition party leaders, call it a tax grab and say consumers will not benefit from savings by business.
http://news.therecord.com/article/725244
Ontario families began receiving rebate cheques Thursday as the province attempts to offset the impact of its new harmonized sales tax.
The HST is a 13 per cent tax which combines the provincial sales tax (PST) and the federal goods and services tax (GST) into one. The result will mean individuals will now have to pay extra on some items previously exempt from one of the two taxes.
The HST comes into effect on July 1.
A government study found that by 2012, families earning more than $60,000 total (about 51 per cent) will end up paying more taxes as a result of the changes, while the remaining 49 per cent earning less will come out ahead.
The June cheques are the first of three payments which will give eligible families up to $1,000, with individuals receiving up to $300. The province received $4.2 billion from the federal government as an incentive to implement the HST to fund the Ontario Sales Tax Transition Benefit (OSTTB).
More cheques are scheduled to be sent out in December and in June 2011.
The HST is designed to save businesses on input costs, which the province says will eventually benefit consumers, as businesses pass on the savings to customers. The tax is also meant to spur job creation and lead to a stronger economy. On this, the government has support from several economists who have studied the tax.
Others, such as Ontario’s opposition party leaders, call it a tax grab and say consumers will not benefit from savings by business.
