Here is the BS from our Premier!
Earlier this year, you wrote to me expressing your views about Ontario's plan to merge federal and provincial sales taxes into a single HST. I appreciate the time you took to share your thoughts on the subject. And I want to take this opportunity to provide you with new information about our tax changes.
A recent report (
http://wcmprod2.ucalgary.ca/publicpolic ... 0(Nov%2009).pdf) by Dr. Jack M. Mintz, Palmer Chair in Public Policy at the University of Calgary, studies the impact that our package of tax reforms, including the HST, will have on our economy.
Dr. Mintz's paper indicates that, within 10 years of the July 1, 2010, start of the HST, Ontario will benefit from:
* an estimated 591,000 net new jobs
* increased annual worker incomes of up to 8.8 per cent
* increased business investment of $47 billion.
As I indicated in my previous correspondence, we are merging these two sales taxes because it will strengthen our economy. Doing so will reduce costs for Ontario businesses - allowing them to make investments that will enable them to become more competitive and hire or retain more workers. In addition, we are cutting corporate taxes and personal income taxes for 93 per cent of all Ontario taxpayers.
To learn more about the tax cuts and rebates that will help you and your family through the transition, please visit
www.ontario.ca/taxchange.
I hope you find this information useful. Please accept my best wishes.
Dalton McGuinty
Premier of Ontario