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New Ontario Budget - Integrated Taxes???

In summary, the "New Ontario Budget - Integrated Taxes" refers to the government's plan to combine various taxes into one harmonized tax system. The purpose of this integration is to simplify the tax system and make it more competitive for investments. The new harmonized tax rate will be lower, resulting in tax savings for businesses. While the integration mainly applies to businesses, the government has also proposed measures to support individuals and families. The integrated taxes are planned to be implemented on July 1, 2020, subject to approval by the legislature.
C
ChefEsther
Gold Member
131
Hmm, heard a quick news bite on this, they are integrating the taxes (PST & GST) - I wonder how that will affect things that are currently exempt from PST - books, spices, kids clothes... Maybe someone from a province that has an HST can give us some insight. I am sure that it will all get explained eventually, I am just thinking out loud...


Esther
 
we don't have PST here, but it sounds like it could be "dicey" trying to integrate... I wonder how they will do it with all of those GST exempt things....hmmmm.
 
Hi, we have HST--- basically it makes the tax calculation a bit more difficult to explain. It is basically hst on everything except no tax on pantry items and 5% of library---
 

Related to New Ontario Budget - Integrated Taxes???

What is the "New Ontario Budget - Integrated Taxes"?

The "New Ontario Budget - Integrated Taxes" refers to the latest budget plan proposed by the government of Ontario that aims to streamline and integrate various taxes, such as the provincial sales tax, employer health tax, and fuel tax, into one harmonized tax system.

What is the purpose of implementing integrated taxes?

The main purpose of implementing integrated taxes is to simplify the tax system and reduce administrative burden for businesses. This will also make Ontario's tax system more competitive and attractive for investments.

Will there be any changes to the current tax rates with the integration?

Yes, there will be changes to the tax rates with the integration. The new harmonized tax rate will be lower than the current combined rates of the various taxes, which will result in tax savings for businesses.

How will the new budget affect individuals and families?

The new budget will not have a direct impact on individuals and families, as the integrated taxes mainly apply to businesses. However, the government has also proposed measures to support individuals and families, such as increasing the minimum wage and providing tax credits for low-income earners.

When will the integrated taxes be implemented?

The integrated taxes are planned to be implemented on July 1, 2020. This will allow businesses to prepare and adjust to the new tax system. The implementation date is subject to approval by the legislature.

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