Latest news with #HST
Time Business News
2 days ago
- Business
- Time Business News
How to Find a Bookkeeping Company in Toronto: A Step-by-Step Guide
Whether you're a small business owner, a freelancer, or running a growing startup, having reliable bookkeeping services is crucial to managing your finances effectively. In a vibrant and competitive city like Toronto, the options for bookkeeping companies are vast—ranging from large firms to boutique providers and even virtual bookkeepers. But how do you choose the right one for your needs? Here's a practical guide to help you navigate the process of finding a trustworthy Toronto bookkeeper. Before reaching out to any firms, it's important to know what kind of services you require. Bookkeeping isn't just about recording expenses and revenues—it can also include payroll processing, GST/HST filings, bank reconciliations, invoicing, and preparing financial statements. Are you looking for full-service bookkeeping or just help with monthly reconciliations? Do you need industry-specific knowledge, such as for retail, hospitality, or real estate? Knowing your specific needs will help you narrow down your options. Toronto offers both in-person and virtual bookkeeping services. Some businesses prefer face-to-face meetings with a local bookkeeper, especially when dealing with sensitive financial information. Others are comfortable with cloud-based platforms like QuickBooks Online or Xero, and prefer virtual services that offer flexibility and often lower costs. Decide what works best for your comfort level and workflow. Ensure the company or individual you choose has the proper certifications. Look for credentials such as Certified Professional Bookkeeper (CPB) or affiliation with recognized organizations like the Canadian Bookkeepers Association (CBA) or the Institute of Professional Bookkeepers of Canada (IPBC). Certified professionals adhere to ethical standards and continuing education requirements, which means your books are in experienced hands. Word-of-mouth remains one of the most powerful tools when searching for reliable service providers. Ask fellow business owners, accountants, or your local chamber of commerce if they can recommend a reputable bookkeeper in Toronto. Additionally, online reviews on Google, Yelp, or Clutch can provide insights into customer satisfaction, responsiveness, and professionalism. Modern bookkeeping relies heavily on cloud software, automation tools, and integration with apps like Shopify, Stripe, or payroll systems like Wagepoint or ADP. A forward-thinking bookkeeping company will be proficient in these tools and help you streamline your financial processes. Ask potential providers about the software they use and whether they can work with your existing systems. Treat this like hiring a team member. Reach out to at least three bookkeeping companies and conduct brief interviews. Ask about their experience, the size and scope of clients they typically work with, their pricing models, and how they handle data security. This will help you compare and find the best fit for your business culture and budget. Bookkeeping companies in Toronto may charge hourly rates, flat monthly fees, or packages based on your transaction volume. Make sure you understand their pricing structure and what's included. Be wary of providers with unusually low rates—quality bookkeeping requires time and expertise, and cutting corners may cost you more in the long run. Once you've chosen a bookkeeping company, ask for a service agreement that outlines their responsibilities, timelines, confidentiality terms, and how communication will be handled. Some firms may offer a trial period or discounted introductory rate, which gives you a chance to evaluate their service before making a long-term commitment. Finding the right bookkeeping company in Toronto may take a little time, but it's a decision that can significantly impact your financial health and business success. By understanding your needs, doing due diligence, and communicating clearly with potential providers, you'll be well on your way to forming a professional relationship that supports your growth and peace of mind. TIME BUSINESS NEWS
Toronto Star
7 days ago
- Business
- Toronto Star
Ottawa's GST/HST relief for first-time new home buyers is a broken promise — and too little, too late for GTA
Two weeks ago, the federal government unveiled a measure designed to improve housing affordability: a targeted GST/HST rebate for first-time buyers of newly built homes. Unfortunately, this narrowly focused policy is not just inadequate, it's a broken promise decades in the making. The new proposal offers a full GST/HST rebate for first-time buyers of new homes up to $1 million, with a partial rebate for homes priced between $1 million and $1.5 million. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW While this may sound generous on paper, it ignores the reality for hundreds of thousands of Canadians in the Greater Toronto Area (GTA) and lower mainland British Columbia, where average prices for new homes exceed these thresholds. In practice, very few buyers in these two key regions will benefit. The Building Industry and Land Development Association (BILD) has made its position clear: this initiative is both geographically biased and far too narrow in scope to meaningfully impact affordability. But what makes this situation worse is the federal government's failure to uphold a commitment it made to Canadians more than three decades ago. When the new GST was being designed in late 1980s, very specific thought went into how the tax would apply to new homes and how the rebate structure would be put together to ensure that the tax would not impact affordability. Business Opinion What's behind the GTA's housing crisis? Two studies shine a light on the problems By addressing approval delays, reducing municipal fees, and focusing on construction of homes, A federal technical paper released in 1989 by then-Finance Minister Michael Wilson outlines those homes under $350,000 would receive a rebate of up to 36 per cent of GST paid, tapering off to zero at $450,000. As seen on Page 19 of this technical paper, the government also committed to reviewing and adjusting these thresholds every two years to keep pace with economic and housing market conditions. That review and adjustments never happened. At the time, the government estimated that 95 per cent of new homes would qualify for at least a partial rebate, with 90 per cent receiving the maximum. This promise helped sell the tax to Canadians with the reassurance that GST would not be a barrier to home ownership. Today, that assurance rings hollow to buyers in the GTA, where average new home prices have long since eclipsed those 1990s thresholds and so now virtually no homes in the region qualify for a rebate. What was supposed to support 95 per cent of new homebuyers now supports close to 0 per cent. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW According to Canada Mortgage and Housing Corporation (CMHC), the average price of a single-detached home in Ontario has increased from $276,000 in 1990 to $1,023,000 in 2023, an increase of 270 per cent. Over the same period, the net federal HST collected on these homes increased by 479 per cent, from $8,832 to more than $51,000. This isn't just a statistic; it's a growing burden. That additional $43,000 in taxes, when rolled into a standard 25-year mortgage at 4 per cent, results in an extra $220 in monthly payments, $24,000 in additional interest, and a total financial hit of more than $66,000 over the life of the loan. And that's for a typical new home, not a luxurious mansion. In fact, by failing to update the rebate thresholds as promised, the federal government has quietly extracted nearly $4 billion in additional GST/HST revenue from new homebuyers in Ontario alone — most of it in just the last decade. Business Opinion Sky-high development charges make new home building in the GTA near impossible. Here's what needs to change Failure to cut building costs by modernizing the Development Charges Act, writes Dave Wilkes, The federal government's recently proposed GST/HST relief on new homes for only first-time buyers does not even begin to address the real problem. First-time buyers represent just five-to-10 per cent of new home purchases in the GTA. The rest, like young families upsizing and seniors downsizing, get no help. Plus, the proposed program is geographically biased, as the average price for a condo in the GTA is more and $1 million and the average price of a single-family home (including townhouse and semis) is more than $1.5 million — meaning even those who qualify in the GTA will receive less relief than buyers in lower-cost markets, despite paying more for the same (or lesser) product. The government acknowledges that GST/HST contributes to unaffordability but stops short of meaningful action, so if the federal government is serious about addressing the housing crisis, it needs to start by removing the barriers it helped build. This means expanding GST/HST relief to all new home buyers, not just first-time buyers, and adjusting the rebate thresholds to reflect today's housing markets across the country. This isn't radical, it's simply delivering on a promise made in 1989 and long overdue.
Toronto Sun
13-06-2025
- Business
- Toronto Sun
BILD: GST/HST exemption falls short
Unfortunately, like many federal housing policies, the proposal to exempt first-time new home buyers from the GST for homes under $1 million, and provide a declining exemption to homes for $1.5 million, does not recognize the realities of the Greater Toronto Area (GTA) and will have little impact on housing supply and affordability in this region. Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. New federal GST/HST legislation must meet the needs of the GTA housing market This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account A few weeks ago, the federal government tabled its proposed GST/HST reduction measures on new homes. Unfortunately, like many federal housing policies, the proposal to exempt first-time new home buyers from the GST for homes under $1 million and provide a declining exemption to homes for $1.5 million does not recognize the realities of the Greater Toronto Area (GTA) and will have little impact on housing supply and affordability in this region. The fact that the government is proposing even this limited measure is a tacit acknowledgement that the tax, along with the other myriad of government fees and taxes heaped onto new homes, is now one of the barriers to affordability. This is compounded by the failure to keep structural mechanisms, such as the GST/HST new housing rebate program current to market property values. That said, the current federal proposal is lacking in many ways. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. First, is the comparatively small number of new home buyers who are first-time buyers in the GTA. While the number may be higher in other jurisdictions, in the GTA, estimates of first-time buyers as buyers of new homes are between five and 10 per cent. Recognizing that resale homes do not attach GST/HST means that the total number of people who would benefit in the GTA ranges between 1,500 and 3,000 in an average year, and a paltry 500 to 1,000 people based on 2024 annual sales. In a metropolitan area that represents 20 per cent of the Canadian population — and is one of the fastest growing regions in North American — this is a symbolic drop in the bucket. Second, the dollar figures used are geographically biased. While $1 million will buy a very well-heeled detached single-family home in almost every other part of Canada, except the GTA and the lower mainland of BC, the average price for a new condominium in the GTA in April was $1,019,120 and $1,530,126 for a single-family home (including townhomes, semis and detached). This advertisement has not loaded yet, but your article continues below. So, while a purchaser in Ottawa can buy a fully detached single-family home in the mid-$800,000s and pay no GST, a comparable product in the GTA would cost in excess of $1.5 million and attract nearly $70,000 in GST. And before you say, 'but salaries in the GTA are higher,' the average annual household income in Ottawa is $125,700 and in the GTHA it is $129,000. By selecting dollar thresholds that are not reflective of high-property value jurisdictions, the federal government is basically ignoring the regions where the need is the greatest. Last, when the GST was introduced, it had a corresponding rebate program that applied to 95 per cent of purchasers so that it would 'not pose a barrier to the affordability of new housing in Canada (page 21).' This advertisement has not loaded yet, but your article continues below. Now, with properly values effectively excluding anyone in the GTA from a GST rebate, and such a narrow federal proposal, effectively 90 to 95 per cent of homes are subject to the GST and receive zero rebate. This means less incentive to move up in new housing as families grow and expand, or down in new housing as seniors age and look to downsize, limiting mobility within existing housing stock and impeding the addition of appropriately sized new supply. As the federal government continues to benefit by collecting billions in excess GST/HST on new homes, the time has come for the federal government's actions to match its rhetoric. A viable solution for Canada must include the GTA and Lower Mainland BC and that means making any GST relief apply to all new homes (including substantially renovated homes — i.e., renewing existing housing stock by replacing greater than 90 per cent of the building) and having dollar thresholds that meet the needs of the region. Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD), the voice of the home building, land development and professional renovation industry in the GTA. For the latest industry news and new home data, visit Toronto Maple Leafs Sunshine Girls Toronto & GTA Columnists World
CBC
10-06-2025
- Business
- CBC
After tax holiday's success, industry group calls for GST/HST to come off all food for good
A group that advocates for the restaurant and food service industry wants to tackle Canada's affordability crisis, starting at the table. Restaurants Canada has launched a national campaign calling on the federal government to reintroduce a policy that eliminates GST and HST taxes on all food — restaurant meals as well as grocery store items. Janick Cormier, Restaurants Canada's vice-president for the Atlantic region, said the call comes as restaurants continue to struggle with rising operating costs and stagnant revenues. "It's no secret that the pandemic was hard on our industry, and we've never fully recovered. Today, about 53 per cent of restaurants are either operating at a loss or barely breaking even," Cormier told CBC's Island Morning. Cormier said the organization wants the tax relief to apply not just to restaurant meals, but to all prepared food items, whether they're sold in restaurants or at grocery stores. "At the end of the day, food is food. Everybody needs to eat, and taxing food is wrong," she said. Tax holiday 'a tremendous boost' Cormier pointed to the federal government's two-month GST/HST holiday that began in December as proof of the proposal's value. She said it led to noticeable increases in sales and revenue across the country, particularly during January and February, typically the slowest months for the food industry. "It was a tremendous boost for industry at a time where we needed it the most," she said. "That's why we're here talking about it, and asking the government to remove the tax permanently." The organization argues the proposal could stimulate broader economic growth as well. "We're estimating that this could lead to an additional 64,000 new jobs in the industry, over 15,000 spinoff jobs in related industries... the deliveries, the agriculture, fisheries," she said. "It would be about $1.5 billion in additional tax revenue from all of this employment, and our unemployment rate would go down quite significantly. And this would also equate to about $5.4 billion in tax saving for consumers who are also struggling to make ends meet." 'We need to be cautious' Patrick Ross, owner of China Garden in Charlottetown, said he supports the proposal. "I think it's a positive move. I think that it was certainly something that gave us a boost when we had it done back in the wintertime," he said. "And it's something that I would like to see happen again — not sure for how long, but it certainly gives an added boost when needed, especially during challenging times." Ross said his restaurant has also faced the ongoing pressures of rising costs. "Prices have continued to increase — and this has happened over a long period of time and restaurants are feeling that effect — and now with what is happening with the United States, that is going to start making its way into the cost of our supplies, and that then affects prices, and it also affects people's disposable income, to be able to come out and treat themselves to dinner out," he said. We need to be cautious, because government needs taxes. It is something that the country needs in order to function right. — Restaurant owner Patrick Ross "Doing something like this will help individuals be able to enjoy a meal out together, and then in return, help the restaurants with increased sales to help with the increased expenses." While supportive of the tax cut proposal, Ross mentioned the need for balance. "We need to be cautious, because government needs taxes. It is something that the country needs in order to function right. So there needs to be a balance with reducing the taxes, but at the same time being fiscally responsible as a government."
Yahoo
06-06-2025
- Business
- Yahoo
Is it Prudent to Retain Host Hotels Stock in Your Portfolio Now?
Host Hotels & Resorts Inc. HST, which has a portfolio of luxury and upper-upscale hotels in top U.S. markets and the Sunbelt region, is poised to benefit from the strong demand drivers in these markets. A continuous improvement in group demand and business transient demand is expected to increase the occupancy level and RevPAR growth. We project total revenues to rise 6.4% year over year in 2025. Aggressive capital recycling bodes well for long-term growth. A healthy balance sheet position is likely to support its growth of this Zacks Rank #3 (Hold) company have gained 8.2% so far in the quarter against the industry's fall of 1.4%. Analysts seem bullish on this stock, with the Zacks Consensus Estimate for its 2025 funds from operations (FFO) per share being revised marginally upward over the past week to $1.90. Image Source: Zacks Investment Research However, competition from other industry players will likely affect Host Hotels' growth tempo. It expects the construction pipeline to remain modest until macroeconomic uncertainties moderate and interest rates drop further. Elevated interest expenses remain a concern. Host Hotels has a strong Sunbelt exposure and presence in the top 21 U.S. markets. Its properties are advantageously located in central business districts of major cities with proximity to airports and resort/conference destinations, driving demand. The improvement in group travel demand and business transient demand, led by healthy demand from small and medium-sized businesses, has aided occupancy and revenue per available room (RevPAR) growth over the past few quarters. In 2025, the company expects comparable hotel RevPAR growth between 0.5% and 2.5%.The company follows an aggressive capital-recycling strategy that entails the non-strategic dispositions of assets that have lower growth potential or properties with significant capital expenditure requirements and redeploying the proceeds for investments in better-yielding assets. It has prioritized projects in assets and markets that are anticipated to recover the company's May 2025 Investor Presentation, from 2021 through the end of the fourth quarter of 2024, total dispositions amounted to $1.5 billion, which is 17.5 times the EBITDA multiple. Its acquisitions during this period amounted to $3.3 billion, which is 13.3 times the EBITDA multiple. Such efforts highlight its prudent capital-management practices, preserve balance sheet strength and pave the way to capitalize on long-term growth Hotels has a healthy balance sheet and has been undertaking steps to strengthen its balance sheet. As of March 31, 2025, the company had $2.2 billion in total available liquidity. As of the same date, the weighted average maturity was five years and the weighted average interest rate was 4.7%. Further, as of the end of the first quarter of 2025, the company enjoyed investment-grade ratings of Baa3/Positive from Moody's, BBB-/Stable from S&P Global and BBB/Stable from Fitch, providing access to the debt market at favorable costs. Solid dividend payouts are the biggest attraction for REIT investors, and Host Hotels remained committed to that. Encouragingly, the company Host Hotels has increased its dividend eight times in the last five years and has a 40% payout ratio. Hence, with rebounding operating trends, a lower dividend payout ratio compared with the industry and a healthy financial position, we expect the latest dividend hike to be sustainable in the upcoming period. On the macroeconomic front, recent heightened uncertainty surrounding trade policy and government spending is expected to weigh on the company's growth through the remainder of 2025. Historically, economic uncertainty has hindered business investment, which is strongly correlated to business transient and group challenges in the supply chain have led to project delays across the United States, and a restrictive lending environment has made it difficult to obtain construction financing for future projects. The company expects that its construction pipeline will remain modest until macroeconomic uncertainties moderate and interest rates drop the Federal Reserve announcing rate cuts in the second half of 2024, the interest rate is still high and is a concern for Host Hotels. Elevated rates imply high borrowing costs, affecting its ability to purchase or develop real estate. The company has a substantial debt burden and its total consolidated debt as of March 31, 2025, was approximately $5.09 billion. For 2025, we project interest expenses to increase 10.2% year over year. Some better-ranked stocks from the broader REIT sector are VICI Properties VICI and W.P. Carey WPC, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks Zacks Consensus Estimate for VICI's 2025 FFO per share is pegged at $2.34, suggesting year-over-year growth of 3.5%.The Zacks Consensus Estimate for WPC's 2025 FFO per share stands at $4.88, indicating an increase of 3.8% from the year-ago reported Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Host Hotels & Resorts, Inc. (HST) : Free Stock Analysis Report W.P. Carey Inc. (WPC) : Free Stock Analysis Report VICI Properties Inc. (VICI) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
