I recently received this from a Canadian friend who is concerned about their government’s next new revenue stream. It will be interesting to see if the Canadians fight back or give in to government stealing from them in order to pay for their mistakes. It is the responsibility of government to protect the people who voted them into office. The only thing I would change in John’s letter would be to refer to a $200,000 home instead of a 1 million dollar home.
Imagine how you can relate some of those Canadian taxes to what we in the USA can expect to pay in the near future.
From John Kielec
Founder/President of F5M-Millionaires Club!
We have thousands of Canadian Members and I would like to share this news with all Canadian-Ontarian (province of
TIME TO FIGHT BACK!
Go to the website at the bottom of this e-mail and sign the petition to STOP Ontario harmonized tax that our Canadian Government wants to implement. Please watch the short movie to find out how this tax will effect us.
I don’t usually do this type of thing however I feel this real concern affects the quality of life and disposal income of all people in Ontario,
This is a really important issue that will affect every single person in Ontario . Please fill out the on-line petition!
Hello. Next summer (2010) the Ontario Government is set to put into force its new harmonized GST/PST sales tax which will apply a 13% sales tax to everything we purchase.
Things That Were Not Subject To The Current 8% PST Will Be Now Taxed As a result, things that were not previously taxed under the current Ontario Provincial Sales Tax (PST) will be taxed at 8%.
The new 13% tax will therefore apply to things like your electric bill, your gas bill, your water bill, condominium fees, insurance premiums, and every other good and service you purchase. There are almost no exemptions.
The current Ontario PST tax does not apply to services, nor does it apply to the purchase of certain goods. The new 13% tax will therefore extend the old 8% PST tax rate to the purchase of all goods and all services.
The New 13% Tax Will Apply To The Purchase of All New Homes The new harmonized GST/PST will also apply to all purchases of all new homes. If a person were to purchase a new $1 million dollar home in Toronto, they would have to pay roughly $200,000 in taxes as a result of the Ontario land transfer tax, the
Think about that and what that would do to real estate values in Toronto ..
It will cause property values to fall and kill the new home construction industry and the jobs it creates.
And it won’t be long before you’ll hear our elected representatives telling us that, because of the harm that has been inflicted to the new home
construction industry by the new 13% tax, it would be “fair” to extend the new 13% tax to sales of existing homes.
The New 13% Tax Is An Assault On Your Primary Residence Canadians have had two things that they have always been able to count on as
being tax free – things that they could use to save money and accumulate wealth. They are your: (a) primary home; and (b) RRSP. That’s it.
The extension of the new 13% GST/PST to homes is simply a tax assault by the government on your primary home. They want to tax your primary home and you will suffer because of it.
Why? Because if a purchaser has to pay almost $200,000 in taxes to buy your $1 million dollar home, the purchaser is going to pay less to you for your home. The purchaser will reduce the amount he or she is willing to pay to you in order to pay all the taxes.
The New 13% Tax Will Effectively Raise Your Income Taxes Currently, the combined Federal/Ontario income tax rates are roughly 25% on
the first $20,000 of taxable income, 42% on the next $40,000 of taxable income, and 46.5% on each dollar of taxable income over $60,000. On top of that you have to add the “Fair Share Health Tax” of up to $1,000 each of us has to pay.
If the Ontario Government gets away with implementing their new harmonized GST/PST sales tax of 13%, the top effective income tax rates in Ontario will be as follows (since you can’t spend any of your tax paid dollars without paying the new harmonized 13% GST/PST tax):
38% on the first $20,000
53% on the next $40,000
59.5% on every dollar over $60,000
On top of that, you have to pay your Ontario Fair Share Health Tax, your city realty taxes, your city garbage fees, your city water fees, your city street parking permit fees, your annual
OF ALL THE MONEY YOU WORKED HARD TO EARN, WHAT PERCENTAGE ARE YOU REALLY KEEPING FOR YOUR OWN USE? 25%? 20%? 10%?
ENOUGH IS ENOUGH – FIGHT BACK
THIS HAS GOT TO STOP HERE OR WE WILL ALL SOON BE WORKING FULL TIME FOR THE VARIOUS LEVELS OF GOVERNMENT IN ONTARIO .
YOU CAN ALREADY SEE HOW OUR LIFESTYLES ARE DECLINING BECAUSE OF THE ENORMOUS TAX LOAD WE BEAR.
AS A RESULT, I URGE YOU TO TAKE THIS ISSUE SERIOUSLY AND TO FILL OUT AND SIGN THE PETITION AT www.unfairtaxgrab.com AGAINST THE NEW HARMONIZED GST/PST TAX SET OUT BELOW.
I WOULD ALSO ASK YOU TO SEND THIS E-MAIL ON TO OTHERS THAT YOU KNOW AND ASK THEM TO DO THE SAME.
IF WE DON’T WORK TOGETHER ON THIS ISSUE THE NEW HARMONIZED 13% SALES TAX WILL BECOME A REALITY NEXT SUMMER.
THANK YOU.