For many businesses, especially larger ones with multiple product lines, shutting off sales tax and turning it on again is not as easy as flicking a switch
Prime Minister Justin Trudeau visits Vince’s Market, a grocery store in Sharon, Ontario , on Nov. 21. The federal government has announced a sweeping promise to make goods like groceries, children's clothing, Christmas trees and restaurant meals free from GST/HST between Dec. 14 and Feb. 15.Daryl Ching is the founder and owner of Vistance Capital Advisory, which provides accounting, capital raising and financial management services to small and medium-sized companies.
Ostensibly, there are benefits to businesses as well as shoppers. For businesses, the cheaper price as a result of the tax holiday might attract more customers without affecting their own bottom lines. The list of eligible goods is arbitrary. It includes food, alcohol and children’s toys, including video game consoles and Christmas trees. Many different products that are big sellers during the holiday season are not on the list, such as picture frames, candles and adult apparel.
Businesses will also have to be eagle-eyed in watching for the end date of the relief measures, making sure they are not shutting them off too late. This may result in tax penalties. In 2024, there have been a high volume of audits conducted by the CRA, with a large portion focused on HST. The sales tax holiday is very likely to lead to errors in billing, which will likely trigger more audits in 2025.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
No one seriously hurt after 3 drivers, including one operating a police vehicle, collide in AuroraNo one was seriously injured after the drivers of three vehicles, including a police vehicle, collided in Aurora on Tuesday night.
Read more »
'No One Wears White': Sister Can't Adhere To One Wedding Rule, Gets Thrown Out UnceremoniouslyThis bride explicitly asked all the guests to her wedding not to wear white; that color was reserved for the bride only.
Read more »
The Shift goes one-on-one with F1 driver Charles LeclercIt is Wednesday night here in Toronto, which means it is Wednesday afternoon in Las Vegas where Formula 1 picks up its schedule for the 22nd race of the season.
Read more »
At least one explosion outside Brazil’s Supreme Court leaves one dead, forces evacuationBrazil’s Supreme Court in recent years has become a target for threats by far-right groups and supporters of former President Jair Bolsonaro
Read more »
NDP expected to unveil campaign pledge to remove GST on internet, heat, diapers, moreOTTAWA — With the cost of living playing a central role in provincial elections across Canada and in the U.S.
Read more »
NDP expected to unveil campaign pledge to remove GST on internet, heat, diapers, moreWith the cost of living playing a central role in provincial elections across Canada and in the U.S. presidential race, NDP Leader Jagmeet Singh is set to unveil a pre-campaign policy plank for the next federal election to differentiate his party from the governing Liberals.
Read more »