BC retailers are applauding Premier Christy Clark and Finance Minister Kevin Falcon for today’s announcement that major changes to the HST will be implemented if voters decide to keep the HST.

 Following a recent survey of retailers during the past two weeks, Shelfspace found that 72% of retailers support the HST at the rate of 12%; however, acceptance increases dramatically to 92% if the HST rate is reduced to 10%.

“Following years of lobbying in favour of reduced consumption taxes, this is exactly what retailers and their customers have been waiting for”, said Mark Startup, President and CEO of Shelfspace, the Association for Retail Entrepreneurs. “By reducing the HST to 10% and providing one time payments of $175 per child under 18 to families and to low income seniors, the HST will be much more fair,” said Startup.

Changes announced today include:

• HST rate reduced from 12% to 11% on July 1, 2012  
• HST rate reduced from 11% to 10% on July 1, 2014 
• One-time payment to families of $175 per child under 18
• One-time payment of $175 to low income and moderate income seniors
• 2 % increase in the corporate tax rate, effective, January 1, 2012
• Postponement of further reductions in the small business tax rate

 

-30-

About Shelfspace, The Association for Retail Entrepreneurs

Established in 1917, Shelfspace, The Association for Retail Entrepreneurs, is a not-for-profit organization that represents the retail communities of BC and AB. Governed by a dedicated group of retail leaders, Shelfspace exists to serve the retail community through advocacy, cost savings, education and community engagement; and by sharing the passion for retail excellence. Shelfspace is the voice of over 4,500 store fronts in BC and Alberta.

Retailing represents $60 billion worth of economic activity and accounts for 30,000 enterprises, the majority of which are independent businesses.1 The retail industry is the province’s largest private sector employer, providing paycheques for over 300,000 British Columbians.

Contact:    Mark Startup 

                CEO & President

                Shelfspace, The Association for Retail Entrepreneurs 

                604-730-5252 

                mark@shelfspace.ca

 

View the PDF verision. 1 Statistics Canada, December 2010