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5 Things to Know Today: Key Money Headlines for Canadians

1. Spring Economic Update Lands Today Finance Minister François‑Philippe Champagne tables the 2026 Spring Economic Update this afternoon, outlining Ottawa’s latest fiscal outlook and new measures aimed at supporting Canadians amid global instability. 2. Fuel Excise Tax Temporarily Suspended Prime Minister Mark Carney has paused the federal excise tax on gas, diesel, and aviation fuel , offering short‑term relief as energy prices remain elevated due to geopolitical tensions.  3. Canada’s First Sovereign Wealth Fund Announced Carney has unveiled the Canada Strong Fund , the country’s first sovereign wealth fund, designed to finance major national infrastructure and economic‑building projects in partnership with the private sector.  4. CPP & OAS Payments Arrive Today New CPP and OAS payments are being issued today, including adjustments for seniors affected by recovery tax calculations, which are spread across monthly OAS payments.  5. Global Instability Conti...
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Mixed Reactions as Federal Government’s GST Holiday Takes Effect

 

The federal government’s two-month GST holiday, which began on Saturday, has elicited mixed reactions from both businesses and shoppers across Canada. The temporary tax break, aimed at easing affordability concerns during the holiday season, waives the five percent goods and services tax on a range of items including restaurant meals, children’s clothing, and toys.

Businesses Struggle with Compliance

Many businesses have found the implementation of the GST holiday to be an administrative burden. Patrick Neault, general manager of Raffin Bookstore in Montreal, mentioned that his staff had to work extra hours to ensure compliance with the new regulations. “It’s not that much of a deal. It’s like a few percent discount on a transaction,” Neault said, expressing doubt about whether the benefits outweigh the extra work.

Shoppers Show Limited Enthusiasm

Shoppers have also shown lukewarm enthusiasm for the tax break. While some, like Katrina Rose from Halifax, took advantage of the savings on holiday purchases, others, like Jennifer Matthew, felt the savings were too minimal to make a significant impact. “I don’t think it’s going to put a big dent in my wallet by any means,” Matthew said.

Conclusion

As the GST holiday continues until February 15, 2025, businesses and shoppers alike are cautiously optimistic about its potential benefits. While some appreciate the temporary relief, others remain skeptical about its long-term impact.




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