Start Date: 2024-12-07
End Date: 2024-12-13

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Holiday Tax Break Announced

The Canadian government announced that Bill C-78, known as the Tax Break for All Canadians Act, has received Royal Assent. This legislation removes the GST/HST on essential holiday items such as groceries, children's clothing, and restaurant meals from December 14, 2024, to February 15, 2025. The tax break aims to provide relief to consumers during the holiday season. Retailers in the food and apparel sectors are likely to see increased consumer spending during this period as the tax exemptions apply to a broad range of products. This measure could impact retail pricing strategies and inventory management as demand may fluctuate over the tax-free period.

Sources: ['Announcements: www.canada.ca']