HST IS COMING JULY 1, 2010

The harmonized sales tax will combine the eight percent provincial sales tax with the five percent federal goods and services tax(GST) to create a single 13 percent harmonized sales tax (HST). The Ontario HST is scheduled to take effect July 1, 2010. The following items in real estate will be subject to HST: Commissions, legal fees, inspections of homes, chattels, high ratio appraisal fees, surveys, title insurance. This is just a brief list. There is always bad news and good news. The bad news is that what was once not subect to retail sales tax will now be. The good news is that because it is configured like the GST, most of us will be entitled to some relief that we did not have before.  We all knew it was coming and it is  here, and like everything else, though we complained about the new tax it still went through and we will get used to it and move on.

Adele Paletta is Real Estate Agent servicing buyers and sellers in Ontario, Canada. Adele’s real estate expertise lies in the Greater Western Toronto area including: Mississauga, Oakville and Burlington. She can be reached at 905-828-6550 oradele.paletta@sympatico.ca. View her Divorce Magazine Profile and website.

3 comments

  1. Emmav Yasko says:

    Ooohh, wonderful share,great article,very usefull for me,thanks 😀

  2. Mia Flor says:

    hi, I have a question regarding dependent claim when filing taxes. I just got divorced, I have 3 children, my 2 older children (over 18) go to college and my ex doesn’t pay any cent for these two children. My younger child is 7 years old, he provides a minimum child support. My young child lives with my and I pay more than him (including insurance).

    When I filed taxes independently (before my divorce) I claimed my 3 children as my dependents. In the mediation, my ex wanted to have my 7 year old as his dependent until my 2 older children are not dependent anymore. Then we will alternate the child as our dependent. I asked the judge and my lawyer if my older children are considered dependent for the family law if they are over 18. None of them were able to answer the question, however they assumed that a child is not dependent after 18.

    Please let me know if I can start alternating my young child as my dependent despite the fact that I still have my older children as dependents in my taxes. Not having my youngest child as my dependent will affect the tuition that I have to pay for my older children.

    Thanks

  3. Manager of this blog - Martha Chan Martha Chan says:

    Mia
    Your question needs to be answered by the judge and your lawyer. I am surprised they cannot answer that question. You may want to ask them again.

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