Monday, February 1, 2010

No more renovation tax credits and HST on the horizon

Many people are up in arms trying to figure out how the HST will affect them across BC. From what I understand the majority of the public perceive this to be a negative and maybe I don’t fully understand it yet, but so do I.

When I started TLC Energy solutions (Okanagan based Insulation Company) 4 years ago, up until now it’s been an asset to not have to charge PST. Several home owners I have come across didn’t know PST was exempt from insulation and as a result they moved ahead faster knowing their project was going to cost 7% less than expected. Now with HST being introduced, my customers will have to pay 12% HST instead of 5% GST. This carries through every industry and product across BC including new!

The government claims it will be easier on business owners like myself because there will be HST rebates coming back to me. Didn’t they forget a step there when the customer buys from me because he can afford it in the first place. With more costs in my opinion comes less spending which then results in businesses sinking and fewer jobs to go around.

The most ironic part of this whole thing is that the Fed’s are giving the province in the area of 1.6 billion dollars to introduce the HST. Hmmmm where might they get 1.6 billion dollars...oh I know YOU and ME!

Another words we are paying the government to raise our taxes! Something tells me that 1.6 billion is more of an investment by the fed’s as they milk this cash cow.

If you or someone you know is considering upgrading their insulation, doing a home renovation or purchasing a new home, it might be wise to get it done before July 1st 2010.

Terry Laurin
TLC Energy Solutions

1 comment:

Mike Hassard - Kelowna said...
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