nucklehead Posted April 2, 2013 Share Posted April 2, 2013 This insanity is going to cost the consumer and the province boatloads. The scary thing is the general populace was stupid enough to listen to Vander Zalm in the first place, and that they bought the fairy tale that the NDP by nature is opposed to new tax inititives, then they're probably stupid enough to elect the NDP. If you believe that if the NDP had been in power in 2011 that they wouldn't have brought the HST in you're misinformed. The very idea that they would ever champion a tax roll back unprompted is preposterous. Link to comment Share on other sites More sharing options...
Jägermeister Posted April 2, 2013 Share Posted April 2, 2013 I have to pay 15% tax on liquor now. I'm pissed. Link to comment Share on other sites More sharing options...
Armada Posted April 2, 2013 Share Posted April 2, 2013 I have to pay 15% tax on liquor now. I'm pissed. Link to comment Share on other sites More sharing options...
DonLever Posted April 2, 2013 Share Posted April 2, 2013 The anti-HST people lied. It is is simple as that. They say we will have lower gas prices with the change over to PST. Well, there has been no change in gas prices today. Please explain that. Link to comment Share on other sites More sharing options...
Twilight Sparkle Posted April 2, 2013 Share Posted April 2, 2013 I have to pay 15% tax on liquor now. I'm pissed. Link to comment Share on other sites More sharing options...
Gustavo Fring Posted April 2, 2013 Share Posted April 2, 2013 The fall of the HST was a huge win for the uneducated. As an accountant that audits manufacturing companies as well as film/production companies, you've hurt their businesses and you've hindered BC's competitive advantage over other provinces. As more provinces adopt HST, BC has taken a step backwards. I'm guessing Surrey couldn't bother researching the benefits of HST before they voted. Shame. Link to comment Share on other sites More sharing options...
Captain Bob Posted April 2, 2013 Share Posted April 2, 2013 The fall of the HST was a huge win for the uneducated. As an accountant that audits manufacturing companies as well as film/production companies, you've hurt their businesses and you've hindered BC's competitive advantage over other provinces. As more provinces adopt HST, BC has taken a step backwards. I'm guessing Surrey couldn't bother researching the benefits of HST before they voted. Shame. I'm in school for accounting right now, and from what I leaned it's all a wash in the end. Don't companies have to pay HST when they purchase stuff ? We were taught that companies take what they collected in HST, deduct what they paid in HST and submit that ammount to the government. Link to comment Share on other sites More sharing options...
Hamhuis Hipcheck Posted April 2, 2013 Share Posted April 2, 2013 OP, how much did you save on your grocery? Your meal? $2? $3? Is that really that much to you? Link to comment Share on other sites More sharing options...
Gross-Misconduct Posted April 2, 2013 Share Posted April 2, 2013 Link to comment Share on other sites More sharing options...
Armada Posted April 2, 2013 Share Posted April 2, 2013 Link to comment Share on other sites More sharing options...
Lockout Casualty Posted April 2, 2013 Share Posted April 2, 2013 This insanity is going to cost the consumer and the province boatloads. The scary thing is the general populace was stupid enough to listen to Vander Zalm in the first place, and that they bought the fairy tale that the NDP by nature is opposed to new tax inititives, then they're probably stupid enough to elect the NDP. If you believe that if the NDP had been in power in 2011 that they wouldn't have brought the HST in you're misinformed. The very idea that they would ever champion a tax roll back unprompted is preposterous. Link to comment Share on other sites More sharing options...
etsen3 Posted April 2, 2013 Share Posted April 2, 2013 Personally I would have loved the 10% HST. Not exactly a beautiful day for me, although it was stupid how they brought it in. Link to comment Share on other sites More sharing options...
Tanev Posted April 2, 2013 Share Posted April 2, 2013 I'm in school for accounting right now, and from what I leaned it's all a wash in the end. Don't companies have to pay HST when they purchase stuff ? We were taught that companies take what they collected in HST, deduct what they paid in HST and submit that ammount to the government. Link to comment Share on other sites More sharing options...
Captain Bob Posted April 2, 2013 Share Posted April 2, 2013 Partially true. Much of the cost of the PST to consumers is hidden, by being embedded in the costs of businesses. This includes the PST on the cost of electricity, gas, computers, equipment, furniture and fixtures, shelving, vehicles, consumables such as office supplies, services to repair computers, equipment, etc. This means that we are paying hidden PST costs even on those items on which PST is not added to the selling price, such as restaurant meals, movie tickets, sporting events, haircuts, etc. It is not only a tax on consumers, but a tax on business investment. If a business wants to purchase assets to build a business and hire employees, it has to pay PST on those assets. This means that the business has to charge more for its products, to recover the cost of the PST. Effectively, with HST businesses got to deduct a full 12% HST and could pass the savings onto consumers (at their discretion), while now the PST gives businesses more reason to raise prices as they have to pay PST on which they do not get a deduction. OK, so for example, a $100 hydro bill is actually a ~$93.50 bill with $6.50 "hidden" PST, but since it's not actually PST collected, it's only in their books as a payable and not a receivable ? Link to comment Share on other sites More sharing options...
Tanev Posted April 2, 2013 Share Posted April 2, 2013 OK, so for example, a $100 hydro bill is actually a ~$93.50 bill with $6.50 "hidden" PST, but since it's not actually PST collected, it's only in their books as a payable and not a receivable ? Link to comment Share on other sites More sharing options...
Captain Bob Posted April 2, 2013 Share Posted April 2, 2013 Here's a quick example: Under PST: If a business were to spend $100 as operating costs, they would be charged $112. This includes $5 for GST and $7 for PST. If the same business sold services of $100, they would collect $105 after charging their customers GST (this assumes their services are not subject to PST). The $5 in GST collected must be remitted to the Receiver General but they would offset this with the $5 in GST paid on the operating costs. The result: negative $7. ($112 spent, $105 gained) Under HST: The office supplies would still cost $112 (12% HST) but the business would charge its customer $112 on the $100 service. Under the HST system, the business would have to remit the $12 HST collected but would be allowed to offset it with the $12 in HST paid. No HST would be payable to the Receiver General. At the end of the day, the business would realize $100 in net sales (after remitting the $12 in HST) and have paid $100 net for the office supplies. The result: break even. While the consumer pays $7 more in this example, the business breaks even rather than operates at a loss. Going back to the first example, it is highly likely that the company will raise the cost of its product to not operate at a loss. Thus the HST simply makes sense. Thanks. Makes sense, and kind of like what I said, or at least it would be for companies that charge PST. Link to comment Share on other sites More sharing options...
Opmac Posted April 2, 2013 Share Posted April 2, 2013 I have to pay 15% tax on liquor now. I'm pissed. Link to comment Share on other sites More sharing options...
Cannucker Posted April 2, 2013 Share Posted April 2, 2013 Wait, so I am about to buy a used car from a dealer and would have been charged 12%, what would I be charged now? Link to comment Share on other sites More sharing options...
ronthecivil Posted April 2, 2013 Share Posted April 2, 2013 Whatever. BC is due for a major correction. Time for us to lead Canada into our recession and housing collapse. Vote in the NDP and we can have private industry loose their minds and start laying people off left and right. You brought it upon yourself BC. In good news I know how to prepare for this and plan on getting rich off of it. Get ready for your reality check, coming soon to a job near you. Link to comment Share on other sites More sharing options...
stexx Posted April 2, 2013 Share Posted April 2, 2013 Wait, so I am about to buy a used car from a dealer and would have been charged 12%, what would I be charged now? Link to comment Share on other sites More sharing options...
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