Here comes the HST
Filed Under Main Content · Tagged: British Columbia, Canadians, Charitable Trusts, Exchange Traded Funds, Harmonized Sales Tax, Index Funds, Investment Portfolios, July 1, Money, Mutual Funds, Ottawa, Retirement Portfolios, Retirement Products, Sales Tax, Shortfall
Financial Post- On July 1, government will introduce a tax on retirement products. Here comes the HST …
Even as Ottawa seeks ways to help under-saving Canadians put away more for retirement, the shortfall will only be exacerbated when the harmonized sales tax comes into effect next week in Ontario and British Columbia.
Managed money — professionally managed investment portfolios–is subject to HST. That means mutual funds, wrap accounts, hedge funds, segregated funds, charitable trusts and even passively managed index funds and exchange-traded funds — the basics of most retirement portfolios– will see increased fees…
Here comes the HST
Filed Under Main Content · Tagged: British Columbia, Canadians, Charitable Trusts, Exchange Traded Funds, Harmonized Sales Tax, Index Funds, Investment Portfolios, July 1, Money, Mutual Funds, Ottawa, Retirement Portfolios, Retirement Products, Sales Tax, Shortfall
Financial Post- On July 1, government will introduce a tax on retirement products. Here comes the HST …
Even as Ottawa seeks ways to help under-saving Canadians put away more for retirement, the shortfall will only be exacerbated when the harmonized sales tax comes into effect next week in Ontario and British Columbia.
Managed money–professionally managed investment portfolios–is subject to HST. That means mutual funds, wrap accounts, hedge funds, segregated funds, charitable trusts and even passively managed index funds and exchange-traded funds — the basics of most retirement portfolios– will see increased fees…
Annual HST hit for average B.C. household is $521
Filed Under Main Content · Tagged: Amount Of Money, Bottom Line, Economics Professor, Harmonized Sales Tax, Household, Households, Hst, Married Couple, People, Sales Tax, Schuetze, Single Parents, Statistics Canada, Times Colonist, University Of Victoria
Times Colonist- The average B.C. household could take a hit of $521 to its bottom line next year as a result of the harmonized sales tax, according to a model prepared for the Times Colonist by Statistics Canada.
The change could range anywhere from $78 for households with single parents and one child to $801 for a married couple with no children, the figures show.
"There are certainly individuals and households that will feel the impact of this tax," said Herbert Schuetze, economics professor at the University of Victoria. "For example, if you are unattached and 65 years or older we’re talking about $262 a year. That’s a considerable amount of money for some people…"
Annual HST hit for average B.C. household is $521
HST starting to show up on bills … and it’s no mistake
Filed Under Main Content · Tagged: Arriving This Week, Billing Services, Double Taxation, First Appearance, Goods And Services Tax, Gst, Harmonized Sales Tax, July 1, Mistake, Provincial Sales Tax, Sales Tax, Shaw, Telus, Vancouver Sun
Vancouver Sun- Ready or not, here it comes.
The new harmonized sales tax is making its first appearance on many bills arriving this week.
And, no, it’s not a mistake.
The HST kicks in July 1, and since many everyday services are billed in advance, the HST is now being included.
For instance, bills to Shaw and Telus customers this month will have three lines of tax – the Goods and Services Tax, the Provincial Sales Tax, as well as the HST.
And while it looks like more tax (and probably is), it’s not double taxation. The companies are billing the GST and PST for services up to June 30, and the HST after that…
