Ontario Announces New HST
Nov 24, 2009 16:47:52 GMT -5
Post by Deleted on Nov 24, 2009 16:47:52 GMT -5
Tax Reforms Would Create 591,000 Jobs And Cut Personal Income Taxes...
* The comprehensive tax package would result in the removal of $4.5 billion a year in embedded sales taxes when fully phased in, and more than $2.4 billion a year in corporate income tax cuts.
* Ontario would also provide one of the most generous new housing rebates of its kind in Canada - a rebate of 75 per cent of the provincial portion of the proposed HST on the first $400,000 of the purchase price of a new home. This would provide a rebate of up to $24,000 for new homes across all price ranges.
* The 2009 Budget already proposed exemptions for books, children's clothing and footwear, children's diapers, children's car seats and car booster seats, and feminine hygiene products.
* Qualifying prepared food and beverages that are ready for immediate consumption if the total price for all qualifying items purchased, excluding HST, is not more than $4.00. Qualifying items would include: food or beverages heated for consumption; salads; sandwiches and similar products; and platters of cheese, cold cuts, fruit or vegetables and other arrangements of prepared food.
>http://news.ontario.ca/rev/en/2009/11/ontario-announces-new-hst-exemptions.htmlhttp://www.policyschool.ucalgary.ca/publications
ONTARIO’S BOLD MOVE TO CREATE JOBS AND GROWTH
Jack Mintz
This paper documents the impact of the 2009 Ontario Budget and other recent tax changes on capital investment, jobs, and incomes in the province. In the March 2009 Budget, Ontario announced it will harmonize its sales tax with the federal goods and services tax (GST) as well as reduce corporate and personal taxes. The Budget measures will have a profound impact on the willingness of business to invest in Ontario since corporate tax rate reductions and the adoption of the federal GST base would result in the virtual elimination of taxes on capital goods and business intermediate inputs once fully phased in.
>http://www.policyschool.ucalgary.ca/publications
Eliminating Hidden Taxes
>Currently, PST (also called RST) is applied at every step in the creation of a product. Those multiple PST charges are embedded in the price you pay at the store – even though you can't see it. And of course, you pay PST on the final purchase price.
Tax Benefits for Families
The world has changed. We've witnessed the biggest global economic downturn in 80 years. Many experts agree that a single, value-added sales tax like the HST is the most important thing we can do to strengthen Ontario's economy.
Together with our tax cuts, the HST would attract investment and jobs, and also help protect high quality public services that make Ontario a better place to live.
Cuts to Personal Income Tax
* 93% of Ontario taxpayers would get a personal income tax cut.
* All Ontario taxpayers would see a 16.5% cut in the tax rate on their first $37,106 of taxable income - that's the lowest rate of any province in Canada.
* Ontario families and individuals with up to $80,000 of income would get an average personal income tax cut of 10%.
>http://www.rev.gov.on.ca/en/taxchange/families.html
....sorry for the lengthy article but there is a lot of info out there , that will affect many of us ...Here is the Main site that you can read and find out more info that affects every Ontario person ...
>http://www.rev.gov.on.ca/en/index.html
* The comprehensive tax package would result in the removal of $4.5 billion a year in embedded sales taxes when fully phased in, and more than $2.4 billion a year in corporate income tax cuts.
* Ontario would also provide one of the most generous new housing rebates of its kind in Canada - a rebate of 75 per cent of the provincial portion of the proposed HST on the first $400,000 of the purchase price of a new home. This would provide a rebate of up to $24,000 for new homes across all price ranges.
* The 2009 Budget already proposed exemptions for books, children's clothing and footwear, children's diapers, children's car seats and car booster seats, and feminine hygiene products.
* Qualifying prepared food and beverages that are ready for immediate consumption if the total price for all qualifying items purchased, excluding HST, is not more than $4.00. Qualifying items would include: food or beverages heated for consumption; salads; sandwiches and similar products; and platters of cheese, cold cuts, fruit or vegetables and other arrangements of prepared food.
>http://news.ontario.ca/rev/en/2009/11/ontario-announces-new-hst-exemptions.htmlhttp://www.policyschool.ucalgary.ca/publications
ONTARIO’S BOLD MOVE TO CREATE JOBS AND GROWTH
Jack Mintz
This paper documents the impact of the 2009 Ontario Budget and other recent tax changes on capital investment, jobs, and incomes in the province. In the March 2009 Budget, Ontario announced it will harmonize its sales tax with the federal goods and services tax (GST) as well as reduce corporate and personal taxes. The Budget measures will have a profound impact on the willingness of business to invest in Ontario since corporate tax rate reductions and the adoption of the federal GST base would result in the virtual elimination of taxes on capital goods and business intermediate inputs once fully phased in.
>http://www.policyschool.ucalgary.ca/publications
Eliminating Hidden Taxes
>Currently, PST (also called RST) is applied at every step in the creation of a product. Those multiple PST charges are embedded in the price you pay at the store – even though you can't see it. And of course, you pay PST on the final purchase price.
Tax Benefits for Families
The world has changed. We've witnessed the biggest global economic downturn in 80 years. Many experts agree that a single, value-added sales tax like the HST is the most important thing we can do to strengthen Ontario's economy.
Together with our tax cuts, the HST would attract investment and jobs, and also help protect high quality public services that make Ontario a better place to live.
Cuts to Personal Income Tax
* 93% of Ontario taxpayers would get a personal income tax cut.
* All Ontario taxpayers would see a 16.5% cut in the tax rate on their first $37,106 of taxable income - that's the lowest rate of any province in Canada.
* Ontario families and individuals with up to $80,000 of income would get an average personal income tax cut of 10%.
>http://www.rev.gov.on.ca/en/taxchange/families.html
....sorry for the lengthy article but there is a lot of info out there , that will affect many of us ...Here is the Main site that you can read and find out more info that affects every Ontario person ...
>http://www.rev.gov.on.ca/en/index.html
