Grant: investment Tax Payer
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Canada’s Economy Still Need Stimulus
So, all the economic news about the resilient economy of Canada in this world wide recession is over?
According to Bank of Canada, the economy is suffering from low productivity and high Canadian dollar with resulting falling exports.
In a statement the Bank of Canada said “The global economic recovery is proceeding largely as expected, although risks have increased.”
I cannot justify the above positive statement by what the bank said afterwards which is closer to the reality of global economy.
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Income Tax: Tax Payer US Tax
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Income Tax Is The Divider In US Senate
Here is one glowing example of how important Income Tax is in our daily life and politics.
As a country U.S. is in a dire economic situation.
After all the news, views of political pundits that recession is over, they got a so called “shock of a lifetime” with U.S. labour market job data.
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BC Province HST: Tax Payer
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BC HST Rate Cut is Win-Win for Everyone
HST in BC is on the verge of elimination. News is Ottawa is already in talks with Victoria how to fold down HST and get the $1.7 billion back. That was the incentive Ottawa paid to Victoria for introducing HST.
Undoubtedly HST is good for both Businesses and Consumers. Businesses are immediately saving 7% PST with the introduction of HST. Unfortunately consumers have not been able to get the benefits of this savings due to the reluctance of many business owners to pass on the savings. The pricing change of products and services or the job creation due to HST has not taken effect as promised by the finance minister. Sure, it created a lot of anger among the consumers.
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BC Province Income Tax: HST Tax Payer
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Comments Off on Why BC Provincial Income Tax Rate Cut to Can’t Save HST
Why BC Provincial Income Tax Rate Cut to Can’t Save HST
On October 29, 2010 BC Premier Gordon Campbell in a Television Advertisement announced 15% Provincial Income Tax Rate cut on an income up to $72,000, starting January 1, 2011.
Underlying assumption is this income tax rate cut will give people more money in hand to cover the cost of HST.
How much money people will be saving?
“Immediate savings of $354 for people making $50,000/year and up to $616 for those making $72,293 or more.”
Let’s do the math here. If you are making $50,000 this tax cut will save you 0.7% of your income and if you are making $72,293 you will be saving 0.85% of your income. As far as I am concerned, this tax savings is insignificant. People making over $50,000 do not care about saving 354/year.
People who would benefit from this will still pay 100% of HST. Over 80% of BC residents make less than $30,000 per year. How much savings are they going to get with this income tax rate cut? Is this tax savings going to cover the HST impact on their expenses?
Bottom line, HST is good for business and the province and Income Tax Rate Cut is a welcome relief. But HST is still going to hurt consumers. Now its time for businesses to stand up and announce the savings they are transferring to consumers.
Canada Revenue Agency Income Tax: Canada Income Tax IRS Tax Payer
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Pre Filled Income Tax Form for Canada
Income Tax