Posted January 05, 2019 14:11:22 The GST is coming.
It’s coming to GST-compliant cities, and it’s coming for us all.
The budget office released a document this week laying out the rules and conditions of the GST, including when and how much taxes will be collected.
The government said this week that, as of Jan. 31, 2020, GSTs will be charged for the first time at 6 p.m.
PST, from 1 a.m.-6 p.M.
The GST will be the biggest tax reform in Canadian history, and the budget office said that it is expected to generate $1.8 trillion in revenues by 2020, bringing in $9 billion a year.
It also said the budget will be a “big-picture analysis” that looks at the entire economy.
While some provinces are already taxing and collecting GST in a more efficient way, the federal government has yet to set a specific timeline for how it will pay for it.
GSTs are a tax on imported goods, and they are not subject to provincial, territorial or municipal taxes.
Instead, they’re collected by a central government agency, called the Canada Revenue Agency.
The CRA collects GST on the sale of certain goods, such as: food, beverages, furniture, consumer goods and agricultural products, and on the import of certain supplies.
A few years ago, the Harper government eliminated the GST and made it tax-free, but it has been the subject of criticism from some provincial governments and economists who argue it’s not a fair tax because it’s imposed on imports and doesn’t directly benefit consumers.
“A tax is levied on goods that consumers want, not on those goods that they have to pay taxes on,” says Tim Wilson, a senior economist with the Canadian Centre for Policy Alternatives.
Wilson says a major problem with the current system is that it’s overly complicated.
“It’s hard to calculate how much it will cost to implement the changes.
And it’s easy to imagine the cost of the tax increases would be even greater than what the government estimates it will need to collect the tax,” he said.
“If you’re talking about $1 trillion over the next 15 years, that’s not cheap.
It would also be difficult to know how much of that money would be used to fund programs such as education, housing and social programs.
A recent poll by Nanos Research showed that most Canadians oppose the GST.
And in Canada, a significant portion of Canadians, especially seniors, would be affected by the change.”
Bracken points out that the majority of the country will also see tax increases.””
There are going to probably be huge costs to those that have jobs in the next few years and those that don’t.”
Bracken points out that the majority of the country will also see tax increases.
“There’s going to have to be some changes in terms of the revenue that the government collects,” he says.
“And it’s going on the backs of the Canadian people, because they’re not going to pay the GST if it’s gone.”
The government estimates that, in 2020, the GST will increase by $1,700 for everyone, with a significant impact on the middle class and the working poor.
Brackan says this will result in lower household incomes for some families.
“Some of the middle income earners are going into the tax system and are going up a tax bracket,” he adds.
“They’re going to spend more money.
That’s going be a very, very big impact for them.”
If you are a business or a family member and would like to learn more about the GST, please contact us at [email protected]