OHBA fears black market due to HST
The Ontario Home Builders' Association (OHBA) is asking the provincial and federal governments to implement a permanent renovation tax credit or rebate for homeowners to mitigate the effect of the HST. A recent report commissioned by the OHBA states the HST, as currently proposed, will result in substantial revenue loss to all levels of government as consumers choose to pay cash to avoid paying any sales tax. The report predicts governments will lose up to $1.6 billion annually in income tax and another $298 million every year in GST.
Bank of Canada rates hold in 2010: poll
The Bank of Canada will most likely keep its promise to hold the key interest rate at near-zero levels through the second quarter of 2010 according to a recent Reuters poll of Canada's primary securities dealers. Most dealers surveyed also saw only a small chance the central bank would intervene in currency markets or introduce some form of quantitative easing – in effect, printing money to buy market securities – at some time over the next 12 months.
TAKEN FROM EDGE MONTHLY NEWSLETTER