GST/HST Holiday

mimico_polak said:
And the fallout of going against your boss' wishes...

toronto.citynews.ca

Finance Minister Chrystia Freeland resigns from Trudeau's cabinet

Freeland says for weeks that she and the prime minister have found themselves at odds about the best path forward for Canada.
toronto.citynews.ca toronto.citynews.ca
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The rats are all bailing. They see the election date coming up. You're more employable as a consultant/lobbyist if you are a minister that resigned instead of a failed politician that got blown away when you tried to get re-elected (and in canada, the incumbent is almost a sure thing).

Imo, she was never the finance minister. She was the DEI bobblehead they put in the role.

EDIT:
Fraser who sucked at housing minister after sucking at immigration minister also resigned. They are supposed to present a fall economic update today or tomorrow and they may have an entirely new cabinet to do it.
 
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I've read multiple reports of both large and small stores just raising their prices to counter the drop in the GST/HST to keep things the same.

Idiots came up with a stupid plan, now prices went up, and they'll be that much higher because the stores won't drop their prices. They'll just take the tax 'break' and tack it on when it's over.

FML.
 
Fred’s corner variety gets a cut of the taxes he collects for remitting in timely fashion . Taking money away from Fred is not right . Again.


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crankcall said:
Fred’s corner variety gets a cut of the taxes he collects for remitting in timely fashion . Taking money away from Fred is not right . Again.


Sent from my iPhone using GTAMotorcycle.com
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How does Fred get a cut of the taxes? I remit. I get nothing. It's just pass through. Hell, I have to pay feds even if client hasn't paid me. I am paying to loan money to the feds. Brilliant.

Now, if Fred adjusts his prices so after tax price is close to before, he gets more profit and passes less to feds. Entirely legal.

Like the green energy home retrofit scam, I couldn't find a contractor that hadn't added at least 5K to their prices. Price to the homeowners were unchanged or higher as HVAC was busy and companies added 5K per job to the bottom line as it was passthrough money from the feds. Priced properly, heat pumps should have been cheaper than AC (max 2K more and then minus 5K from feds) and they were being priced around double to quadruple AC.
 
mimico_polak said:
I've read multiple reports of both large and small stores just raising their prices to counter the drop in the GST/HST to keep things the same.

Idiots came up with a stupid plan, now prices went up, and they'll be that much higher because the stores won't drop their prices. They'll just take the tax 'break' and tack it on when it's over.

FML.
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Which stores? They should be internet-shamed.
 
GreyGhost said:
How does Fred get a cut of the taxes? I remit. I get nothing. It's just pass through. Hell, I have to pay feds even if client hasn't paid me. I am paying to loan money to the feds. Brilliant.

Now, if Fred adjusts his prices so after tax price is close to before, he gets more profit and passes less to feds. Entirely legal.

Like the green energy home retrofit scam, I couldn't find a contractor that hadn't added at least 5K to their prices. Price to the homeowners were unchanged or higher as HVAC was busy and companies added 5K per job to the bottom line as it was passthrough money from the feds. Priced properly, heat pumps should have been cheaper than AC (max 2K more and then minus 5K from feds) and they were being priced around double to quadruple AC.
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Been a while since I was GST-registered, but if you can't collect GST, then aren't you eating the GST you paid on applicable inventory you purchased prior to the "Holiday", as well as on any other goods and services you continue to pay for now to run your business?
 
 
Relax said:
Been a while since I was GST-registered, but if you can't collect GST, then aren't you eating the GST you paid on applicable inventory you purchased prior to the "Holiday", as well as on any other goods and services you continue to pay for now to run your business?
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I suspect you're not eating it but it just adds to the paperwork nightmare. When you bought the widget you paid HST and wrote it up as an input tax credit. When you sell the widget, you don't collect HST because of the holiday. That should just reduce the amount you have to remit as part of your periodic balancing. I would be speaking to an accountant though as god knows what crappy details are hidden beneath the skirt of this dumpster fire.
 
Somewhere I heard there was a last minute fling at insanity that said the participation was optional and the customers could apply for rebates on their own.
 
nobbie48 said:
Somewhere I heard there was a last minute fling at insanity that said the participation was optional and the customers could apply for rebates on their own.
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It's optional for stores. I never heard about customers taking a swing at the rebate. That would keep a ton of public servants busy for a long time to send out tiny cheques that cost an order of magnitude more to process than they did to pay.
 
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