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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.
24:09
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Quick takeaways
- The government is implementing a temporary GST break on various essential products to ease household financial burdens amidst rising costs.
- Political challenges loom as the Liberal government faces opposition in passing the tax relief measures, impacting their economic relief timeline and strategy.
Deep dives
GST Holiday and Financial Assistance Measures
The government has announced significant measures to assist Canadians facing affordability challenges, including a temporary Goods and Services Tax (GST) holiday. This tax exemption will apply to a wide range of products, like children's toys, holiday items, and popular recreational goods, from December 14 to February 15. Additionally, a one-time payment of $250 will be offered to Canadians earning less than $150,000, aimed at reaching approximately 18.7 million individuals to alleviate financial strain. These initiatives are projected to cost the government about $6.28 billion, highlighting a substantial investment in economic relief.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode