What’s Taxable Under the HST and What’s Not?
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Harmonized Sales Tax in Ontario
Starting on July 1, 2010, you’ll see a harmonized sales tax in Ontario. The 13% HST combines the 5% GST and the 8% PST into one tax to be collected by the federal government. This is a big, important change that will make Ontario more attractive to businesses. And, these changes include a number of personal and business income tax cuts, credits and benefits that could affect you.
- Many Ontarians received a personal income tax cut on January 1, 2010
- Families (including single parents) earning under $160,000 will receive three tax-free payments totalling $1,000
- The HST will not be charged on basic groceries, prescription drugs, and child care
- Point-of-sale rebates will be introduced for children’s clothing, diapers, car seats, and books
To assist businesses in the move to the HST, an outline of important dates, key changes and tips on how to prepare for the HST are available. Learn more about the HST.
Source : http://www.rev.gov.on.ca/en/
(The comments contained on this site are for information purposes only and do not constitute legal advice.)
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