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Construction

Both the construction and real estate industries are tied directly to the economy.

When home sales decline, new housing starts in the construction industry fall. The industry is also facing a workforce problem.

Ten years ago Statistics Canada stated that the average age of a qualified mason was 58 and that of a carpenter was 52.

The emphasis on getting a university degree rather than taking up a trade has probably added to this situation. You must prepare yourself to meet these challenges.

At SPH, we have many small and medium sized construction clients facing the same challenges. We are ready to meet your needs with our balanced approach.  We strive to understand your special needs and will help you overcome problems as before they arise.

Together we will strengthen your company and make sure your profits stay with you.

Harmonized Sales Tax in Ontario

On July 1, 2010 the Ontario Retail Sales Tax (ORST) was combined with the Federal Goods and Services Tax (GST) to form the new Harmonized Sales Tax (HST).  The HST is a combined rate of 13% (5% GST and 8% ORST).  There are some exceptions but generally the HST will follow the same rules as the GST.

There are transitional rules with respect to HST for the construction industry regarding rebates for RST embedded in the cost of new homes, changes to the rebate on the purchase of a new home and in some cases a transitional tax adjustment where there is an agreement with a purchaser on or before June 18, 2009.

Important:

Any ORST paid on materials in inventory on June 30, 2010, where the materials were used to repair or improve residential properties after July 1, 2010 and before January 1, 2011 and HST was collected on these materials, will be eligible for a rebate.

You will need to obtain form O298, General Application for Refund of Retail Sales Tax, and complete and file the form with the Ontario Ministry of Revenue by December 31, 2010.

Services Available:

Contact us today to discuss your unique situation.