Canadians taking advantage of GST reduction
Numure @ Tue Jul 04, 2006 3:33 pm
hwacker hwacker:
Funny you say that, I’m buying a new Lexus 350 this week for my wife.
The wannabe at it again.
Ripcat @ Tue Jul 04, 2006 3:47 pm
hwacker hwacker:
Funny you say that, I’m buying a new Lexus 350 this week for my wife.
My wife loves me because I can easily make her laugh.
Ripcat @ Tue Jul 04, 2006 3:52 pm
OnTheIce OnTheIce:
lily lily:
Sorry, but 1% is nothing.
I saw an ad for some place advertising a "double the GST off" sale. Whoopie... 12% savings.
I don't even go into a store unless I see minimum 30% off.
$300/year would pay one month's gymnastics fees for my kids... but I seriously doubt I'm in that tax bracket.
I saw an ad for some place advertising a "double the GST off" sale. Whoopie... 12% savings.
I don't even go into a store unless I see minimum 30% off.
$300/year would pay one month's gymnastics fees for my kids... but I seriously doubt I'm in that tax bracket.
You must not go into many stores.
1% may be "nothing" to you, but rather than invisible income tax cuts, we see this every time we purchase something.
Yep, I saved a penny on a coffee at Tim Horton's. Now I need to buy a new pair of pants because those pennies are wearing a hole in my the pocket. I'll have to buy the more expensive pair of pants with the re-inforced pockets so they can hold all those pennies.
Funny thing that the GST dropped 1% but gas prices jumped 6 cents a litre over the weekend.
Blue_Nose @ Tue Jul 04, 2006 3:57 pm
BurytheNDPforgood BurytheNDPforgood:
It is a big deal. For the first time we actually have a PM who is starting to reduce the GST. The point is that over a year, or several years, that 1% adds up to a lot.
Actually, when you do the math, it only adds up to about 1% of your taxable spending (but I'm no economist).
1% isn't a big deal for anyone, rich or poor.
canada_bruno @ Thu Jul 06, 2006 11:45 pm
Stephen Harper has said that the 1% reduction in GST will cost federal coffers $4.5 billion a year.
This is a lot of money that remains in the pockets of Canadians. The reduction in GST will mostly be spent instead of saved. So for your hard earned money, you will be able to get more. Business will benefit from this 4.5 billion being spent on their goods and services. More jobs will be created from the increase in business.
It doesn't seem like a big cut when you fork over 5 bucks at a Tim Horton's to pay for your coffee and donut and you get an extra 3 cents in your change. But all these pennies will make their way back into another store for another purchase. This should stimulate the economy. If this indeed does happen, Stephen Harper will look like a genius.
grainfedprairieboy @ Thu Jul 06, 2006 11:57 pm
Good post Canada_bruno. Economists have long argued that there is a saturation point in any economy where an increase in taxation actually decreases government revenues through a combination of decreased economic activity and increased tax evasion. The former lieberals even understood this and had made several overtures of tax reduction. It is a tough balancing act for any government to attempt to extract as much as possible from the taxpayer for either the purpose of control or revenue while trying not to kill the goose which lays the golden egg. With tax rates in Canada between 52-64% depending on where you reside, I personally believe there is considerably room for allowing people to retain more of what they earn.
Gazz @ Fri Jul 07, 2006 4:18 pm
One big 1% big deal ouououou
SprCForr @ Fri Jul 07, 2006 10:33 pm
It's still 1% more big deal than you had before. Right?