GST Holiday Savings vs. Debt
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tax discountstorontosun
•Business
Business & Economics
The GST tax holiday is coming but will the savings actually make a difference?
78% Informative
The federal government’s GST holiday will provide a five per cent discount on numerous items starting Dec. 14 until mid-February .
For most low- and middle-income families, “getting any amount of discount is always a benefit,” said Jessica Morgan , founder of financial literacy site Canadian Budget.
For big-ticket items that qualify for the tax cut, Morgan suggested waiting for Boxing Day sales to combine store and tax discounts.
Bruce Sellery , CEO of Credit Canada , says his main concern with the tax holiday is it could pressure consumers to buy more just to get the tax break.