HST Sales Tax

How Will The New Harmonized Sales Tax ("HST") Affect Me and My Business

Effective July 1st 2010, the new HST will take effect.  Many are asking, "How will it affect the pricing for my business and will it mean I will be paying more for products and services?"

For the majority of customers at York Fabrica, the effect is minimal, as per the very simplified "example" below:

As you can see, the PST is no longer part of the "cost" calculation, resulting in a savings (A).

For most of our customers, the HST is considered an Investment Tax Credit "ITC" and you will be able to claim it as a refund.  Even so, if you are NOT a business (B) and do not get a refund of HST, a potential savings still exists.

Again, this is a very simplified scenario.   Consumers are going to pay more for items when in the past an item was not subject to PST @ 8% but now is subject to HST @ 13%.  This will apply to the majority of "services".

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