Prime Minister Justin Trudeau announced a temporary suspension of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on essential items for the holiday season, aimed at providing financial relief to Canadians. This break will run from December 14, 2024, to February 15, 2025, covering items such as groceries, children’s clothing, footwear, diapers, restaurant meals, and holiday gifts.
This initiative is part of a broader strategy to ease cost-of-living pressures. The government estimates the tax relief will amount to $1.6 billion in savings for consumers. Trudeau also revealed plans for a $250 rebate to Canadians who worked in 2023 and earned up to $150,000. This Working Canadians Rebate will be distributed in early spring 2025, further supplementing the holiday season relief.
The move, designed to bolster the economy and alleviate financial strains, is still pending approval in the House of Commons.
Sources:
nowtoronto.com/news/canadians-could-get-a-tax-break-this-holiday-season/
ca.news.yahoo.com/trudeau-announces-2-month-gst-165540769.html
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