Harmonized Sales Tax (Hst), Will Businesses Pass $6B Tax Savings on to Consumers?

Student Loans Bc Canada - Harmonized Sales Tax (Hst), Will Businesses Pass B Tax Savings on to Consumers?

As of July 1, 2010 the provincial governments of Ontario and British Columbia will couple Gst/Pst taxes into a combined Hst tax. Consumers will pay a harmonized sales tax (Hst) of 13% in Ontario and 12% in British Columbia.

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The provinces of Ontario and British Columbia currently have debt obligations of 3 Billion and Billion respectively in 2009/2010 budget. With expectations of an interest rate hike by the Bank of Canada, interest payable on these debts will quickly rise. In Ontario alone, interest on debt is an estimated billion annually. Both provinces were forced to spend billions from 2008 to 2010 to bail out industries and save/create jobs.

The composition of rising infrastructure costs, increased government spending and rising healthcare costs has forced the provinces to acquire gigantic debt and deficits over the past 10 years. There are three ways to service debt:

Default on loans (not a viable option) Cut spending (governments are not good at this) originate more wage ( Harmonized Sales Tax )

Welcome Harmonized Sales Tax (Hst), the largest tax reform in the history of Ontario and British Columbia. A thorough tax reform box to sacrifice taxes for businesses by over billion annually and simplify accounting dramatically. And don't forget, it will force consumers to help cover mounting provincial accumulated deficits and recession spending.

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