The Decibel What the GST break means for you
Nov 25, 2024
Marieke Walsh, Senior Political Reporter for The Globe and Mail, dives into the recent multibillion-dollar plan unveiled by the Liberals to ease the cost of living in Canada. She breaks down the two-month GST holiday affecting everyday items and the $250 support cheque for low-income workers. Walsh also discusses the political maneuvering behind these tax cuts, the challenges in the House of Commons, and the mixed reactions from different parties. Tune in to understand the potential impacts on household finances and the ongoing legislative gridlock.
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GST Holiday and Checks
- The Liberal government announced a two-month GST holiday on various items.
- This includes kids’ items, restaurant meals, alcohol, and a $250 check for certain Canadians.
Impact of Tax Breaks
- The tax breaks aim to ease costs for Canadians, even if inflation has slowed.
- Economists predict short-term economic stimulus but at a high cost.
Federal-Provincial Tax Implications
- The GST is a federal tax, but HST provinces will also see the tax removed.
- This impacts provincial revenue and requires federal-provincial coordination.