17 Jun 2010

How small Ontario businesses are affected by HST

Most people do not know or understand how HST is going to affect them. Even though there has been much publicity about HST, from the many people we speak to everyday at our Toronto self storage facility, the majority of these persons are misguided about their understanding or do not have any knowledge about the impending changes that are going to have major impacts on the daily lives of all Ontarians. Large businesses are ready for HST but many small companies have no idea how HST will affect them. Most businesses do not understand that they will be able to apply the full HST input credit for various costs and services so that HST will flow through for the full 13% paid out vs the 5% GST that was the permitted input prior to the first of July. This will be a bonus and is supposed to help increase the bottom line of Ontario businesses and therefore increase opportunities for investment…

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