‘Tax holiday’ bill expected to pass in House of Commons
Global News
The bill was introduced on behalf of Finance Minister Chrystia Freeland in the House of Commons on Wednesday afternoon, with the help of the NDP.
Legislation to create a two-month-long GST holiday is expected to pass on Thursday.
The bill was introduced on behalf of Finance Minister Chrystia Freeland in the House of Commons on Wednesday afternoon, with the help of the NDP to at least temporarily stop debate on a Conservative filibuster.
The NDP only agreed to support the bill after Freeland separated the GST break from a promise to also send $250 to most working Canadians in the spring.
The NDP wants that benefit expanded to also go to non-working seniors and people with disabilities who don’t have a working income.
Liberal Ryan Turnbull, who is Freeland’s parliamentary secretary, said during the debate on the legislation Wednesday evening that the goal is to help Canadians after multiple budget shocks from high inflation after COVID-19 and climate disaster-related supply chain disruptions.
The holiday affects dozens of items commonly purchased at Christmas time including children’s clothes and toys, video games and consoles, Christmas trees, restaurant and catered meals, wine, beer, candy and snacks.
The government says someone spending $2,000 on such items over the two-month period will save between $100 and $260 depending on the province.
The difference is because the four Atlantic provinces and Ontario have a harmonized sales tax with Ottawa, which means the entirety of that – 15 per cent in the Atlantic and 13 per cent in Ontario – will be lifted.
Labour Minister Steve MacKinnon said Tuesday he has directed the Canada Industrial Relations Board to 'order that all operations and duties at the ports resume.'
Dock workers in both British Columbia and Montreal have now been locked out as negotiations stall between unions and employers. Here's what that means for Canadian consumers.
Chrystia Freeland pointed to Canada's experience with incoming U.S. president Donald Trump, as well as alignment on Chinese tariffs, as helping Ottawa navigate trade negotiations.
Canadian TikTok creators fear that the federal government's decision to shut down the app's Canadian operations will erode their support system and limit earning potential.
Canada's labour market added roughly 15,000 jobs in October, enough to keep the unemployment rate steady at 6.5 per cent in the month.
A weaker Canadian dollar tied to Donald Trump's victory could be inflationary north of the border, which could make our central bank more hesitant to cut rates too quickly.
The employee was indicted for allegedly distributing personal information of TD Bank customers, the latest criminal probe to hit the U.S. arm of the Canadian financial institution.
Stock markets were rising broadly higher on news of Donald Trump's U.S. election victory on Wednesday. Here's how investors say you should adjust your portfolio.
The Bank of Canada's Carolyn Rogers says improving housing affordability ultimately requires reaching a balance between supply and demand, which she says will take time.
Donald Trump was previously a crypto skeptic but changed his mind and took a favorable view of cryptocurrencies ahead of the election.
Canadians continue to make payments on their mortgages, but there are signs of stress bubbling up on other credit products, which CMHC warns could continue to spread to home loans.