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Business to benefit under new HST says revenue minister By Dominik Kurek OAKVILLE BEAVER STAFF 9 · Wednesday, May 19, 2010 OAKVILLE BEAVER · www.oakvillebeaver.com Ontario Minister of Revenue John Wilkinson toured a local business Monday saying it will benefit by the new Harmonized Sales Tax (HST). Wilkinson defended the Ontario government's new tax structure saying it will save businesses money, help create nearly 600,000 new jobs and improve Ontario's economy. Wilkinson was at Entripy Custom Clothing with Oakville MPP Kevin Flynn. "The HST is coming in, but that's just one part of an overall tax reform package, so yes, people are going to notice an increase in sales tax on about 17 per cent of things they buy," Wilkinson said. He said the increases would mostly be in the energy and services sectors. "We're also taking that money and cutting income taxes for people, to help our taxpayers, but particularly to help our business sector, which is the number one source of new jobs. Our tax reform is all about getting people back to work." Businesses will get tax credit through the HST that they did not under the current Provincial Sales Tax, Wilkinson said. "His PST was an expense," the minister said of Entripy's owner Jas Brar. "That's a cost for him to do business that's reflected in his price. On July 1 that PST disappears and the tax becomes cash. It goes from an expense to a credit." Wilkinson said businesses will receive tax credits similar to ones under the current GST MICHELLE SIU / SPECIAL TO THE BEAVER CAPITALIZATION: Ontario Minister of Revenue John Wilkinson (left) and Oakville MPP Kevin Flynn (centre) tour Entripy Custom Clothing with the company's founder and CEO Jas Brar (right) Monday. that are not currently available under the PST. "When the HST was first announced we went to our accountants and asked what does this mean to us?" Brar spoke at the event. "We realized right away we're looking to save between $15,000 to $20,000 in our first year. That's immediate savings we can immediately then reinvest in our business. We're a growing business and we want to continue to hire staff." Brar said savings will go to increasing staff and making capital purchases like equipment. The HST has been criticized by the Opposition and press since it was announced, particularly after the Province claimed businesses will pass their savings onto consumers. The HST also has a lower tax on alcohol, which would reduce prices at the provinciallyowned Liquor Control Board of Ontario (LCBO). However, the province has increased the LCBO's profit rates by 7.5 per cent to offset the loss in tax revenue. When asked why businesses should lower their prices if the Crown corporation will not, Wilkinson replied, "The LCBO is not a business in the private sector." He added, "We have always listened to Mothers Against Drunk Drivers (MADD) who have told us that we need to have what is known as socially responsible pricing for alcohol." He said the money helps pay for government services such as hospitals, schools, roads, bridges and police and that there will be little to no change in alcohol prices on July 1 when the HST kicks in. Though the LCBO is not lowering its prices, Wilkinson said businesses will have a number of choices if their costs go down. One choice is to reinvest in machinery or software. For many it will mean they can hire more people. He added some businesses will keep the money. "I come from business and people don't purchase anything until they make a choice on price and value and you cannot be far off the market when it comes to price," he said. Wilkinson noted government research revealed the new tax structure would create some 591,000 jobs thanks to $47 billion in new investment as a result of the tax cuts. Also to help consumers stomach the new costs in the first year, tax refunds will be available to Ontario residents, through federal transitional assistance funding of $4.3 billion. People who earn $80,000 or less will get $300 throughout a year and families with an income of $160,000 or less will get $1,000. For more information on the HST and new tax structure, visit www.ontario.ca/taxchange. Vision ­ To be the most livable town in Canada Statutory public meeting notice Correction notice June 21, 2010 at 7 p.m. Town Hall, 1225 Trafalgar Road, Council Chamber Official plan amendment and zoning by-law amendment 485 Trafalgar Road, 271, 301, 321, 351 & 361 Cornwall Road FC (Olde Oakville) Corporation and FCHT (Oakville) Holdings Corporation File: Z.1612.11 Members of the public are invited to attend and provide input at a public meeting hosted by the Planning and Development Council. The purpose of this application is to amend the official plan and zoning by-law for the purposes of allowing a second floor office on a portion of the plaza, as well as providing more permanence to the temporary zoning. The subject property is located at the north-east corner of the intersection of Trafalgar Road and Cornwall Road. A key map has been provided for your ease of reference. At this time there are no other applications, under the Planning Act, pertaining to the subject land. If a person or public body does not make oral submissions at a public meeting, or make written submissions to the Town of Oakville before the by-laws are passed: a) the person or public body is not entitled to appeal the decision of the Town of Oakville Council to the Ontario Municipal Board; and b) the person or public body may not be added as a party to the hearing of an appeal before the Ontario Municipal Board unless, in the opinion of the Board, there are reasonable grounds to do so. Any submission to the Planning and Development Council, either in hard copy or in electronic format, must be forwarded to the Clerk's department for receipt no later than noon on the day of the meeting to ensure its availability to the Members of Council at the meeting. Individuals making oral submissions at the public meeting are requested to submit a written outline of the submission to the Town Clerk. All submissions should include the full name and address of the presenter. If you wish to be notified of the passing of the proposed zoning by-law amendment, or of the refusal of a request to amend the zoning by-law, you must make a written request to the Town Clerk at the Town of Oakville, Clerk's department, 1225 Trafalgar Road, Oakville, ON L6J 5A6. The public may view planning documents and background material at the Planning Services department between 8:30 a.m. and 4:30 p.m., Monday through Friday, or on the town's website at oakville.ca/da-oldoak-fc.htm. Questions or written submissions may be directed to Gabe Charles, Senior Planner, Planning Services department, Town of Oakville, 1225 Trafalgar Road, Oakville, ON L6J 5A6 or gcharles@oakville.ca. The personal information accompanying your submission is being collected under the authority of the Planning Act and may form part of the public record which may be released to the public. Questions about this collection should be directed to the Records and Freedom of Information Officer at (905) 815-6053. Dated at the Town of Oakville this 19th day of May, 2010.