What is HTS? On July 1,2010, we have to pay 13% tax to many things, The HST is Harmonized Sales Tax(13%)= 5%(GST)federal Goods and Services Tax +7%(PST) Provincial Sales Tax. That means we have to pay more tax on many things, like cable, electronics,gas and clothing.
Some information below about new HST:
#There are some things you pay no PST or GST, like basic groceries, prescription drugs and municipal public transit.
#You just pay 5%(GST) under the HST, like books, your morning coffee and kids” clothes.
#You have to pay more tax under the HST , like legal fees, gas for your car and home heating.
For new tax, you maybe receive some new tax cuts, benefits and credits:
#Transition benefits: Ontario Sales Tax Transition Benefit payments will provide up to three payments totaling up to $1,000 for eligible families (including single parents), or up to $300 for eligible single people.
#Tax credits: The new permanent Ontario Sales Tax Credit will provide tax relief of up to $260 a year for each eligible member of your family.
#Tax cuts: 93% of Ontario income tax payers received a personal income tax cut on January 1, 2010.