Ontario Releases HST Transitional Rules

Proposed Measures Would Help Businesses and Consumers Prepare For Change.

The McGuinty government has proposed general transitional rules that would assist in the move to a Harmonized Sales Tax (HST).

These rules explain:

Which tax would apply for transactions that straddle July 1, 2010 – the current Retail Sales Tax (RST) or the Ontario portion of the HST, how the RST would wind down, and the special transitional rules that would apply.  Overall, the HST would apply to goods and services purchased on or after July 1, 2010. In addition, consistent with the approach used in the Atlantic provinces and Quebec, the HST would generally apply to prepayments starting on May 1, 2010, for goods or services that would be provided on or after July 1, 2010. This would create a level playing field for consumers and provide clarity for businesses as they transition to the HST. … Continue Reading

Bank of Canada Interest Rate Announcement

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from monetary and fiscal policies continues to provide important support in many countries. The recovery in the major advanced economies is still expected to be relatively subdued, reflecting ongoing balance sheet adjustments and the gradual withdrawal of fiscal stimulus commencing later this year. Despite recent progress, considerable uncertainty remains about the durability of the global recovery. … Continue Reading

Richmond Town Manors – Opportunity to own a work of Art

Popular with urban sophisticates and lauded by architecture critic John Bentley Mays, highly-successful Richmond Town Manors is now complete on Richmond Street at Strachan Avenue, between King and Queen Streets West, just south of Trinity Bellwoods Park in Toronto. Only three of these choice residences remain, offering convenient living in modern surroundings inspired by the geometrical abstracts of master Dutch painter Pieter Mondrian. Hurry to take advantage of this exclusive opportunity in one of the city’s most up-and-coming neighbourhoods. … Continue Reading

Inventory Relief

The biggest story in the Toronto condo market over the past 6 months has been the disparity between supply and demand. Simply put, inventory (condos available for sale) is at an all time low, and demand is at an all time high. This has been a recipe for rapid price appreciation, frenzied buying, and sellers very much in control of negotiations.

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The HST Is Coming

Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list
goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax grab. … Continue Reading