Posted: Mar 20th, 2013
There is no question the introduction of the harmonized sales tax is going to cost Prince Edward Island consumers more in the short term.
How much more is difficult to say. Even conservative estimates, using averages of how much more all consumers will be paying, put the figure in the hundreds of dollars per year. Most items are going down a little in price, but many are going up much more, adding to the difficulty of figuring out just which way your monthly bills are going.
CBC News has put together this calculator so you can see for yourself how the HST will affect your budget.
On the positive side, economists agree with the government that the biggest increases in cost will be temporary. Base prices will come down over a period of one to three years as businesses pass on their own tax savings to consumers.