A recent report by the TD Bank estimates the HST will reduce cost of doing business in Ontario by roughly $5.3 billion and that the majority of cost savings will be passed on immediately to consumers.

A report by economist Jack Mintz, “Ontario’s Bold Move to Create Jobs and Growth” confirms that Ontario needs to reform its tax system to create jobs and put Ontario back on its feet. It says, as a result of the HST, within 10 years Ontario would see:
o An estimated 591,000 additional new jobs
o Increased capital investment of $47billion
o Increased overall annual worker incomes of up to 8.8 per cent, or $29.4billion

As a result of moving from two taxes to one, businesses across Ontario will save $500 million in paperwork costs. Realtors will receive tax credits for the things they need to run their business from vehicles to computers. As in other industries, realtors will be able to pass on savings to their customers.

Realtors have to ask themselves, are they going to hoard massive profits or be fair to their customers. We ask consumers will have to watch this too and chose our representative accordingly.

This is being done to create jobs. As the TD report stated, the HST “should help spur business investment, employment and income growth.”

Please visit: http://sites.google.com/site/thetruthaboutthehst/