When added to the federal government’s recently announced GST rebate, the amount of tax relief would be $65,000. Under the proposed changes, this rebate would be upgraded to cover 100 per cent of the provincial HST, with no maximum limit.Īccording to a press release, for a two-bedroom rental unit valued at $500,000, the enhanced rebate would deliver $40,000 in provincial tax relief. 1, a move aimed at spurring rental construction.Ĭurrently, Ontario offers a rebate equal to 75 per cent of the provincial HST paid, capped at a maximum of $24,000. Ontario will exempt purpose-built rental projects from the entire eight per cent provincial portion of the Harmonized Sales Tax (HST), the province said Nov. Ontario increases HST rebate on rental housing projects to 100% of provincial share 30 was US$710.2 million, up from US$624 million. Since mid-October, they’ve been reducing their orders slated for November and December delivery to prevent potential overstocking.Īs a result, the company announced Wednesday that it had cut its guidance for sales and revenue for the full financial year.Īt the same time, it reported net income for the third quarter of US$155.4 million, up from US$141.4 million from a year earlier. Responding to this trend, Segal has noticed retailers have taken on a “more conservative” approach to placing orders. “We expect consumers to purchase very late in the season, which will reduce our replenishment potential,” said Max Rangel, Spin Master’s chief executive, on the same call as Segal. Spin Master is watching these conditions closely. However, this shopping season has come with stubbornly high inflation, making consumers think twice about purchases or hunt for deals more than they may have before prices rose. The company’s Paw Patrol, Bakugan, Hatchimals, Rubik’s Cube and Gund toys often take top spots on wish lists, generating higher sales and revenues than other times of year. Segal’s observations about the market come as Spin Master gears up for its typically busiest season of the year. “Consumers are under pressure and whilst consumer spend remains high overall, consumers are allocating their spend to travel and experiences,” he said on a Thursday call with analysts. executives say the lead-up to the usually bustling holiday sales season has so far wound up below expectations.Īcross the toy industry, October store sales have been “disappointing” and “well below retailers’ plans,” said Mark Segal, chief financial officer at the Toronto-based toy manufacturer. Lead-up to holiday sales season ‘disappointing,’ Spin Master says The Canadian Press, Financial Post, Bloomberg The December gold contract was up US$6 at US$1,993.50 an ounce and the December copper contract was up two cents at US$3.67 a pound. The December crude oil contract ended up $2.02 at US$82.46 per barrel and the December natural gas contract was down two cents at US$3.47 per mmBTU. The Canadian dollar traded for 72.58 cents U.S. Rounding out the top-three performers list were Gildan Activewear Inc., up 14.78 per cent and Lightspeed Commerce Inc., up 14.74 per cent. Shopify net income soared to US$718 million in its third quarter as the company benefited from a lower head count and a more careful approach to expenses. The sector gained 9.63 per cent buoyed by a strong earnings report from e-commerce company Shopify Inc., which rose 21.31 per cent and was the top performer on the index. The S&P/TSX composite index rose 2.89 per cent to close at 19,626.34 in a broad-based rally led by information technology stocks. In Toronto, stocks advanced the most in nearly a year. The Dow Jones Industrial Average and the Nasdaq composite rose 1.7 per cent and 1.78 per cent, respectively, closing at 33,839.08 and 13,294.19. On Wall Street, the S&P 500 jumped 1.89 per cent to close at 4,317.78.
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