Temporary Tax Relief on Holiday Essentials Announced
The Canadian government has announced that Bill C-78, known as the Tax Break for All Canadians Act, has received Royal Assent. This legislation will temporarily remove the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on a range of holiday essentials from December 14, 2024, to February 15, 2025. The items that will be tax-free during this period include groceries, restaurant meals, drinks, snacks, children's clothing, and gifts.
The government claims that this measure will provide financial relief to Canadians by making these purchases tax-free. It is estimated that a family spending $2,000 on qualifying goods could save between $100 and $300 over the two-month period, depending on the province. In Ontario, for example, the removal of the HST could result in savings of up to $260 on a $2,000 basket of goods.
This initiative is part of a broader effort by the government to address affordability issues faced by Canadians, particularly during the holiday season when expenses are typically higher. The government has also highlighted other measures aimed at reducing costs for Canadians, such as the Canada Child Benefit and the Canada-wide $10-a-day child care system.
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