http://www.rev.gov.on.ca/en/taxchange/business.html
The ontario government is posting some hst tax information in order to provide more facts on the hst in ontario. Be sure to take a look in order to learn more about the hst.
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
Free App
30 Second Real Estate Analyzer
Showing posts with label Taxation. Show all posts
Showing posts with label Taxation. Show all posts
7.28.2010
7.22.2010
Ecotax in ontario
Maybe these are some of the hard facts that influenced dalton mcguinty and the liberals to pass the ecotax. The waste and consumption record does not look good.
Do a search to find the actual energy spent worlwide each time google performs a search. The footprint is huge. You'll be amazed.
Waste Facts∙ Canadians purchase over 150 million batteries every year. Over 90% of these batteries are single-use batteries. (Environmental Choice Program, 1996)∙ More than 140,000 tonnes of computer equipment, phones, televisions, stereos, and small home appliances accumulate in Canadian landfills each year. That's equivalent to the weight of about 28,000 adult African elephants or enough uncrushed electronic waste to fill up the Toronto Skydome every 15 years. (Environment Canada, 2003)∙ An estimated 4,750 tonnes of lead is contained in the personal computers and televisions disposed of each year in Canada. (Environment Canada, 2003)∙ Y early disposal figures for personal computers alone will contain an estimated 4.5 tonnes of cadmium and 1.1 tonnes of mercury. (Environment Canada, 2003)∙ Electronics contain valuable resources such as ferrous metals, aluminium, and copper, however most electronics are currently sent to landfill. In 1999, it was estimated that disposed personal computers alone contained 4,400 tonnes of ferrous metal, 3,050 tonnes of aluminium and 1,500 tonnes of copper. (Environment Canada, 2003)∙ An estimated eight million tonnes of hazardous waste are generated in Canada every year. (Greening Government, 2003)∙ Canadians produce more garbage per person than just about any other country in the world. The average person in Ontario generates a whole ton of trash a year. (Greening Government, 2003)∙ Each Canadian throws away about half a kilogram of packaging per day. (Greening Government, 2003)∙ Energy and material consumption in Canada is typically four to five times the world average. (SDInfo, 2002)∙ By the age of only six months, each Canadian has consumed as much resources as the average person in the developing world consumes in his or her lifetime. (RCO, 2000)∙ For each full garbage bag we take to the curb, the primary resource industry creates the equivalent of 71 full bags of waste. (RCO, 2000)∙ It is estimated that 13 billion pieces of direct mail are delivered in Canada each year - between 1,000 and 2,000 pieces per home. In 1989, approximately 270,000 tonnes of paper were consumed for direct mail purposes. This represents 4.5 million trees. (RCO, 2000)
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
7.21.2010
Taxes in july
Last night I helped someone do their taxes by using intuit's quicktax online tax package.
The online tax tool was able to provide his net return within only 15 minutes. It was a basic T4 and some deductions but it was still quite painless.
If you missed the filing deadline then don't be afraid of cra or even the irs and get your tax return filed today!
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
The online tax tool was able to provide his net return within only 15 minutes. It was a basic T4 and some deductions but it was still quite painless.
If you missed the filing deadline then don't be afraid of cra or even the irs and get your tax return filed today!
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
7.14.2010
Hst tax and taxis
A taxi driver had a sign showing that he was a pet taxi. I must say that I hadn't really thought of that service. I wonder if he had a direct route to petsmart or even the goldfish section of walmart.
The taxi fares in ottawa are being raised to counter the new hst fees that are charged with each ride. If the fees increase then I would be curious to know if the percentage of tips will be reduced.
Maybe mcguinty and the liberals will add the eco tax since it's an environmental related to carpooling in a dirty old buick sedan.
Would you be inclined to reduce your tip amount if the taxi service fee was to increase?
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
The taxi fares in ottawa are being raised to counter the new hst fees that are charged with each ride. If the fees increase then I would be curious to know if the percentage of tips will be reduced.
Maybe mcguinty and the liberals will add the eco tax since it's an environmental related to carpooling in a dirty old buick sedan.
Would you be inclined to reduce your tip amount if the taxi service fee was to increase?
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
Ndp and hst
So how will the ndp and andrea horwath eliminate the hst tax in ontario? You can't make that blank statement without a plan or at least a date to provide a plan.
How can the balance of the tax move from small businesses to large corporations? That requires a detailed plan and who will lose the current funds from the hst?
Do the ndp support moving the underground economy back to a level playing field? Time for lunch!
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
How can the balance of the tax move from small businesses to large corporations? That requires a detailed plan and who will lose the current funds from the hst?
Do the ndp support moving the underground economy back to a level playing field? Time for lunch!
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
Green eco tax in ontario
Were you aware of this new levy tax added to the ontario coffers? I found out about it only having hearing about mike fisher's wedding in tennesse.
Does it make sense to apply the eco tax if ontarions already have the recyclable blue bins?
Is it a double dip on ontario citizens after having the july 1st hst forced upon them?
How do you feel about the new eco tax? Pro or con?
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
Does it make sense to apply the eco tax if ontarions already have the recyclable blue bins?
Is it a double dip on ontario citizens after having the july 1st hst forced upon them?
How do you feel about the new eco tax? Pro or con?
Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.
7.06.2010
BC to Harmonize Sales Tax
BC proposes to harmonize its 7% PST with the 5% GST to result in 12% HST, effective July 1, 2010. Many items that are currently PST exempt will not be subject to the provincial 7% portion of the HST.
The proposed HST will include:
· Unlike any other province, B.C. will provide an automatic point-of-sale rebate so consumers do not have to pay the provincial portion of the HST at the pump for purchases of gasoline and diesel fuel for motor vehicles, including any biofuel components.
· A partial rebate of the provincial portion of the single sales tax for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.
· A refundable B.C. HST Credit paid quarterly with the GST and carbon tax credit to offset the impact of the tax on those with low incomes.
· A temporary delay in the provision of input tax credits for certain purchases by businesses with taxable sales in excess of $10 million.
Full details at http://www2.news.gov.bc.ca/news_releases_2009-2013/2009PREM0017-000141.htm#
The proposed HST will include:
· Unlike any other province, B.C. will provide an automatic point-of-sale rebate so consumers do not have to pay the provincial portion of the HST at the pump for purchases of gasoline and diesel fuel for motor vehicles, including any biofuel components.
· A partial rebate of the provincial portion of the single sales tax for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.
· A refundable B.C. HST Credit paid quarterly with the GST and carbon tax credit to offset the impact of the tax on those with low incomes.
· A temporary delay in the provision of input tax credits for certain purchases by businesses with taxable sales in excess of $10 million.
Full details at http://www2.news.gov.bc.ca/news_releases_2009-2013/2009PREM0017-000141.htm#
7.05.2010
HST FACT SHEET
Here is some of the progaganda that the Province of Ontario is putting out to put a positive spin on the HST which came into effect on July 1st. Do you think that the HST will benefit Ontarions?
Benefits of HST:
HST offers many advantages to business and consumers ranging from simplifying tax compliance for businesses that will save an estimated $500 million annually in reduced administrative costs, to the elimination of approximately $5 billion in embedded PST that businesses absorb annually, reducing the pre-tax retail price to individuals.
It is anticipated that 80 per cent of business savings will flow through to consumers in one year.
The combination of sales tax harmonization, the reduced corporate income tax, and the elimination of capital tax is expected to result in 591,000 net new jobs and $47 billion increase in capital investment within 10 years.
It has been said that the implementation of a single sales tax would bring Ontario into line with “what is viewed as the most efficient form of sales taxation around the world.” Converting the PST into a value-added tax and harmonizing it with the GST would reduce the cost of goods that Ontario exports making Ontario more competitive.
This is an excellent time for HST implementation. As businesses are getting back on their feet and beginning to recover from the challenges of the past few years, they will be looking for the most efficient and cost-effective places to do business.
Having the HST in place will attract businesses to Ontario. There will also be $1.1 billion in income tax cuts, by reducing the first tax rate from 6.05 per cent to 5.05 per cent in 2010; tax rates for small businesses to be reduced from 5.5 per cent to 4.5 per cent to help small businesses thrive in Ontario. The combination of these two tax initiatives will create more jobs, generate consumer spending, reduce administration costs of having two separate taxes and therefore lower costs for consumers.
Small and medium-sized enterprises (SMEs) are the backbone of Ontario’s economy, representing over 95 per cent of all businesses in Ontario, almost 60 per cent of Ontario’s employment and almost 50 per cent of Ontario’s GDP. By harmonizing the two sales taxes businesses will save administration costs which will result in lower pricing.
A value added tax system, such as HST or QST, is a model that has been implemented by many countries and several Canadian provinces.
Business clients will be able to claim input tax credits for the HST they pay in the course of their commercial activities, including the tax they pay on accounting services.
Benefits of HST:
HST offers many advantages to business and consumers ranging from simplifying tax compliance for businesses that will save an estimated $500 million annually in reduced administrative costs, to the elimination of approximately $5 billion in embedded PST that businesses absorb annually, reducing the pre-tax retail price to individuals.
It is anticipated that 80 per cent of business savings will flow through to consumers in one year.
The combination of sales tax harmonization, the reduced corporate income tax, and the elimination of capital tax is expected to result in 591,000 net new jobs and $47 billion increase in capital investment within 10 years.
It has been said that the implementation of a single sales tax would bring Ontario into line with “what is viewed as the most efficient form of sales taxation around the world.” Converting the PST into a value-added tax and harmonizing it with the GST would reduce the cost of goods that Ontario exports making Ontario more competitive.
This is an excellent time for HST implementation. As businesses are getting back on their feet and beginning to recover from the challenges of the past few years, they will be looking for the most efficient and cost-effective places to do business.
Having the HST in place will attract businesses to Ontario. There will also be $1.1 billion in income tax cuts, by reducing the first tax rate from 6.05 per cent to 5.05 per cent in 2010; tax rates for small businesses to be reduced from 5.5 per cent to 4.5 per cent to help small businesses thrive in Ontario. The combination of these two tax initiatives will create more jobs, generate consumer spending, reduce administration costs of having two separate taxes and therefore lower costs for consumers.
Small and medium-sized enterprises (SMEs) are the backbone of Ontario’s economy, representing over 95 per cent of all businesses in Ontario, almost 60 per cent of Ontario’s employment and almost 50 per cent of Ontario’s GDP. By harmonizing the two sales taxes businesses will save administration costs which will result in lower pricing.
A value added tax system, such as HST or QST, is a model that has been implemented by many countries and several Canadian provinces.
Business clients will be able to claim input tax credits for the HST they pay in the course of their commercial activities, including the tax they pay on accounting services.
Your Personal Tax Planning Guide 2009/2010
New Download on personal tax planning added to Multiple Egg Baskets.
6.22.2010
HST facts
Most products we buy will see no new tax
Most of the products we buy every day will see no new tax. There are a lot of products and services on which we already pay the PST and GST. For these products, like cable and phone services, new cars and adult clothing, there won't be a change. On July 1, 2010, instead of paying 13 per cent tax to two different governments (8 per cent provincial and 5 per cent federal), there will be one tax — still 13 per cent, collected by the federal government.
No PST now, no HST after July 1, 2010
There are some other items now that have no sales tax on them, such as basic groceries, municipal transit and prescription drugs. On July 1, 2010, there will still be no HST charged on these items.
Point-of-sale rebate
Other products will be eligible for a point-of-sale rebate for the provincial part of the HST. This means you will only pay the 5 per cent federal portion of the HST. These include print newspapers, books (including audio books), diapers, children's clothing and footwear, children's car seats and booster seats, feminine hygiene products, and qualifying prepared food and beverages sold for $4.00 or less.
No new tax for 83 per cent of products and services
In total, about 83 per cent of products and services purchased by consumers will see no new tax. Only 17 per cent will see a new tax, things like personal and professional services such as hairstyling and legal fees, as well as energy costs including home heating fuel and electricity.
Most of the products we buy every day will see no new tax. There are a lot of products and services on which we already pay the PST and GST. For these products, like cable and phone services, new cars and adult clothing, there won't be a change. On July 1, 2010, instead of paying 13 per cent tax to two different governments (8 per cent provincial and 5 per cent federal), there will be one tax — still 13 per cent, collected by the federal government.
No PST now, no HST after July 1, 2010
There are some other items now that have no sales tax on them, such as basic groceries, municipal transit and prescription drugs. On July 1, 2010, there will still be no HST charged on these items.
Point-of-sale rebate
Other products will be eligible for a point-of-sale rebate for the provincial part of the HST. This means you will only pay the 5 per cent federal portion of the HST. These include print newspapers, books (including audio books), diapers, children's clothing and footwear, children's car seats and booster seats, feminine hygiene products, and qualifying prepared food and beverages sold for $4.00 or less.
No new tax for 83 per cent of products and services
In total, about 83 per cent of products and services purchased by consumers will see no new tax. Only 17 per cent will see a new tax, things like personal and professional services such as hairstyling and legal fees, as well as energy costs including home heating fuel and electricity.
Subscribe to:
Posts (Atom)