GST

Stop Paying GST, and Start Cheering – Big Savings Are Coming!

Get ready for a festive surprise! The feds are pausing GST on toys, meals, and even a few frosty brews. Merry savings await!

The holiday season is quickly approaching, and in Canada, it’s shaping up to be merrier than ever. Prime Minister Justin Trudeau recently announced a plan that aims to lighten the financial load for many Canadians during this festive time. Starting December 14 through February 15, the federal government will pause the Goods and Services Tax (GST) on an array of items that are staples during the holidays. You heard it right! From toys and diapers to your favorite beer and wine, Canadians will get a bit of financial breathing room just in time for Christmas shopping.

But that's not all! To further help families manage their budgets, the government is set to distribute $250 cheques to most Canadians. This means more money to spend on those Christmas trees, holiday feasts, and perhaps that perfect gift for Grandma. While the Confederation of Small Business (CFIB) has raised concerns about the potential confusion this could create for small businesses during such a busy shopping season, it undoubtedly offers a jolly boost for consumers.

With the GST break, families can fill their carts with goodies without worrying about those extra taxes creeping into their holiday expenses. Picture this: a family heading out for a delicious dinner at their favorite restaurant without the guilt of additional taxes, or parents excitedly scooping up discounted toys for their children's Christmas list. Talk about a win-win situation!

As everyone gears up for some sweet holiday deals, let's not forget the interesting tidbit that Canadians have increasingly turned to local eateries during the pandemic – and now they can enjoy them tax-free! Plus, with the holiday season being one of the busiest shopping times of the year, this temporary tax relief is sure to make a significant impact on both consumer sentiment and local economies.

Did you know? The GST/HST has been collecting a solid chunk of change for the federal coffers since it was implemented in 1991, but around the holiday season, it seems the government prefers to spread a little cheer instead. Another fun fact: research shows that Canadians spend an average of $1,500 on gifts alone during the holiday season – so this tax break comes at an ideal time to keep some extra jingle in your pockets!