The Canadian Federation of Independent Business is urging the federal government to compensate small businesses for the costs associated with the implementation of the upcoming two-month GST holiday. The organization has requested that the Department of Finance provide a credit of at least $1,000 in GST/HST accounts for small firms to cover the costs of reprogramming point-of-sale systems to accommodate the temporary tax removal and reinstatement.
CFIB president Dan Kelly emphasizes that small businesses, especially those in retail, lack the necessary time and resources to make these adjustments. An online survey by the CFIB revealed that a majority of small firms are against the tax holiday, with only 4% of owners believing it will boost their sales, while 66% believe it will merely shift sales into the holiday period. The GST holiday is set to begin on December 14 and will last for two months, applying to specific goods such as prepared foods, alcoholic drinks, children’s clothes, toys, restaurant meals, books, and video games
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