HST

The past week has been quite eventful, exhausting and eventful, so there were no posts!

As the HST is rounding the corner, we are quite concerned about how this tax will affect our finance. Here is what I've found:

What will be now taxed more heavily because of the HST: personal and professional services: legal fees, hairstyling, dry cleaning, energy costs (gasoline!!!), adult clothing, cars, cable (internet...glumness), tobacco (the government can't ever seem to snatch enough revenue from that--haha) and phone services.

According to the revenue ministry of Ontario, only 17% of our goods will be charged extra taxes after July 1st.

Point-of-sale rebate refers to the provincial segment of the HST that is not added to goods and services. Food and beverages sold under $4.00, print newspapers, books, children's clothing and footwear, feminine hygiene products and diapers are part of the mix.

No HST on these: prescription drugs, municipal transit, basic groceries and etc.

Here's a website that recommends a few strategies to cope with the new tax: http://www.ledgersonline.com/blog/tips-avoiding-harmonized-sales-taxman