Comments: 0

Campbell Government recalls HST

Ok, now that I have your attention this is obviously a false headline. However, with Bill Van der Zalm’s  resurgence into the political landscape with his petition campaign against the tax, I thought I would provide some “hopeful energy” through my blog into cyberspace.

Will the petition work? Probably not. Will people feel less bet-over-a-barrel when the HST comes into effect on June 1? Maybe. Will Campbell address the public and say “Let them eat cake” inciting a riot and some Antoinette “justice”?  Again, not likely.

So in reality, what can the general public do to avoid the sting of an extra tax? What about starting a business? Come up with a profit-making idea, register for the HST, get some business cards made up, and begin to get back some of the HST that you pay.

They key is to have a reasonable expectation of profit.  This may take a few years to realize but, in the meantime, you can claim expenses generated in the process of earning (or attempting to earn) income.  A loss in your business is tax deductible against any other income that you have and, and this is the best part, you will get the HST returned to you from the Provincial government when you file your HST report.

Perhaps when the Provincial government begins to see a negative cash impact from the new HST, they will be more inclinded to repeal the legislation.

Is this a tongue-in-cheek post? Well, let me say this: Just as every taxpayer is an individual, every individual should seek professional judgement when contemplating any information found on any blog site (including my own).

If you think that this may be an idea for you, go to my website at www.leadingledgers.ca and contact me.

Cheers,

Chris

Leave a Reply

Your email address will not be published. Required fields are marked *