Canada HR News Podcast’s Post

📰 Nova Scotia to Reduce HST Rate by 1% in 2025! Tax Relief Ahead! 🇨🇦 Big news for Nova Scotia businesses and residents! Starting in April 2025, the provincial portion of Nova Scotia's Harmonized Sales Tax (HST) will decrease by 1%, reducing the total HST rate to 14%—the first cut in 14 years. What to Know: -New Combined HST Rate: 14% (down from 15%) -Effective Date: April 2025 -Projected Revenue Impact: ~CAD 260 million reduction annually This move could alleviate some cost-of-living pressures for residents and provide a boost to local businesses. Will other provinces follow? Read more and share your thoughts on this significant tax change below. ⬇️ https://lnkd.in/dPXZRyvb #NovaScotia #HST #TaxRelief #CanadaTax #BusinessTax #IndirectTax #VAT

While CFIB welcomes any tax cutting measure, narrow, temporary sales tax holidays can add confusion & administrative complexity for small business owners. CFIB statement on temporary GST/HST relief: https://t.co/xFUDphOPJ3

Though this is a thoughtful gesture to reduce Canadian sales tax/GST on behalf of the government and opposition, this should not come once a year. Canadian businesses and Canadian residents pay too much taxes, which also stifles business growth and consumer purchasing power. Businesses who already pay corporate income taxes on profits are also taxed on their sales with GST HST, with some exceptions, which is a penalty for growing sales or selling which is a business priority to stay in business. Consumers who already pay income taxes are again taxed with GST HST when they purchase goods and services on the already business taxed services which stifles consumption. It is time, in Canada that we simplify the tax system. This starts with removing sales tax or GST HST permanently. Removing sales tax permanently will free up administrative resources for other tax measures. It will also save businesses accounting fees since GST HST returns will no longer be necessary. Canadians pay too much taxes. Canadians need permanent relief! Let's make the GST HST tax cut permanent on all taxable items and have one competitive corporate income tax rate. Businesses should not be penalized on growing revenue and growing profits at the same time. Profits grow with higher sales and less expenses, so tax the net income not the sales. #stratkingidea #stopGSTHST #stopsalestaxes #stratking #stratkingtaxideas https://lnkd.in/gvFRYEWg

Though this is a thoughtful gesture to reduce Canadian sales tax/GST on behalf of the government and opposition, this should not come once a year. Canadian businesses and canadian residents pay too much taxes, which also stifles business growth and consumer purchasing power. Businesses who already pay corporate income taxes on profits are also taxed on their sales with GST HST, with some exceptions, which is a penalty for growing sales or selling which is a business priority to stay in business. Consumers who already pay income taxes are again taxed with GST HST when they purchase goods and services on the already business taxed services which stifles consumption. It is time, in Canada that we simplify the tax system. This starts with removing sales tax or GST HST permanently. Removing sales tax permenantly will free up administrative resources for other tax measures. It will also save businesses accounting fees since GST HST returns will no longer be necessary. Canadians pay too much taxes. Canadians need permanent relief! Let's make the GST HST tax cut permanent on all taxable items and have one competitive corporate income tax rate. Businesses should not be penalized on growing revenue and growing profits at the same time. Profits grow with higher sales and less expenses, so tax the net income not the sales. This is a #stratkingidea #stopGSTHST #stopsalestaxes #stratking #stratkingtaxideas

Canada Nova Scotia Beginning April 1, 2025, Nova Scotia announced a one percentage point reduction in the harmonized sales tax (HST) rate. This one percentage point reduction to the provincial value-added tax rate is expected to reduce provincial revenues by about $260.8 million in the 2025-26 fiscal year; $265.5 million in 2026-27; and $272.4 million in 2027-28 https://lnkd.in/emKV3FrU

True or False? Navigating Tax Realities in Canada! 🍁💼 Let's test your knowledge about Canadian taxes: True or False—The Goods and Services Tax (GST) is uniformly applied across all provinces and territories in Canada. 🧐📊 🔍 Answer: False! Provincial Distinctions: While the GST is a federal tax, each province and territory in Canada has its own Provincial Sales Tax (PST) or Harmonized Sales Tax (HST), which combines the GST and provincial tax. The rates and application can vary, making it essential to understand the specific tax structure in your region. Tax Nuances: Recognizing the differences in tax application across provinces ensures accurate financial planning and compliance with regional tax regulations. Are you familiar with the tax structure in your province? Blueprint Accounting is here to guide you through the nuances of Canadian taxes, helping you navigate the intricacies and optimize your financial strategy! 🚀 #blueprint #blueprint_accounting #bookkeeping #bill #payroll #fact #tax #trueorfalse

HST (Harmonized Sales Tax) HST is a combined federal and provincial tax implemented in some provinces, merging the GST with the provincial sales tax. Provinces with HST include Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island. Example: In Ontario, the HST rate is 13%. If you purchase a laptop for $1000, you would pay an additional $130 in HST ($1000 * 0.13 = $130). #SalesTaxCanada #GSTExplained #PSTBasics #HSTOverview #TaxRates #CanadianTaxes #FinancialEducation #TaxTips #PersonalFinance #cloudaccounting #bbookkeeping #accounting

💸 Are You Paying More Tax Than You Think? 💸 Most Canadians are familiar with income tax, but did you know that you’re paying tax on top of tax when it comes to consumption taxes like the GST and HST? 🤔 Think about it – after income tax reduces your earnings, every dollar you spend on goods or services is hit with an additional consumption tax. In Alberta, the GST is 5%, but if you factor in the income tax paid beforehand, the effective tax rate is actually closer to 7.19%. And in Nova Scotia, it gets even steeper – a staggering 32.61% on some income levels! 😱 And that’s not even counting the triple layer of taxes on things like gasoline, where you pay an excise tax, a carbon tax, and then GST on top of it all. It’s no wonder making ends meet feels harder than ever with rising prices and layered taxation. 🚗⛽💸 But there are ways to help reduce your tax burden. Saving into an RRSP or TFSA not only helps you plan for the future but can also significantly reduce the taxes you pay today. 💼📈 💡 Want to learn more about how you can keep more of your hard-earned money? Read our latest article for tips and strategies! #TaxTips #FinancialPlanning #CanadianTaxes #RRSP #TFSA

The public accounts committee has published "Eighth Annual Report of the Chair of the Committee of Public Accounts". On tax specifically, it stated: "HM Revenue and Customs (HMRC)’s 2022–2023 tax compliance yield was £2 billion below its own target, and remains below pre-pandemic levels. As compliance yield is one of HMRC’s main performance indicators,this needs to improve. Tax debt was £4.7 billion higher in 2022–23 than in 2021– 21. Levels of new debt are rising faster than HMRC is clearing old debt. The number of tax debts older than twelve months increased by 25%. HMRC must get tax debt back to pre-pandemic levels. HMRC and HM Treasury must scrutinise tax reliefs more carefully. At £204 billion a year, tax reliefs with economic or social aims make up a quarter of the total tax take. There are too many tax reliefs which cost much more than expected. Despite this, HMRC cut its budget for evaluating reliefs by more than a quarter in 2023–24 to just £600,000. It is vital that government changes how it evaluates tax reliefs, to make sure that they achieve their aims and are good value for money"

If you earn more than 30 lakhs INR per year. You pay 6 lakhs in taxes 2) You pay 9% CGST & 9% SGST on almost everything. 3) If you buy a car you pay the registration fee and road tax. specially if you buy SUV 50% of your car cost is just Taxes 4) If you buy a home you pay stamp duty and registration charge ( 6-12%) 5) If you fill petrol in your bike/car 50% of the price is tax. 6) At the end of it, if you can save some money & invest You have to pay tax on your Fixed deposit interest income. thought of investing in stock markets here is stamp duty GST , STT etc. is lucky you make some profit then here comes long term capital gain and short term capital gain of 12.5% and 20% respectively. what are doing f&o you will be taxed at at 30% slab Whether you realize it or not - Our real tax rate can be as high as 50 to 60 percent. Please don't forget - there are 100 different legal ways for business owners to avoid taxes. But, for salaried employees rip we are paying taxes as if it's a first world country but getting services of a third world country . but politicians will not there to tax agriculture income even if agriculture income is thousands of crores . But, on the infrastructure side? We pay taxes to drink polluted air & go through pothole-filled roads. This looks like a never-ending loop for every middle-class citizen! middle class become the easy golden egg laying hen for the government but the government is soon killing the hen . I want to remind the government that if you kill the hen you will not get eggs of gold . please let the hen live . now you have two choices either become poor or either become so rich that these taxes do not matter , there is also third choice leave this country . Which choice you gonna pick ?