WATCH: Dozens of items commonly purchased at Christmas time are another step closer to being temporarily exempt from the Goods and Services Tax. Anne Gaviola has the details and more in Business Matters for Nov. 28, 2024.The federal government’s plan to temporarily stop collection of the goods and services tax on some consumer products is causing some big holiday headaches for Canada’s small business owners.
“It is time consuming. It’s a lot of accounting on the backend and figuring out like what doesn’t have GST and what still does. That’s a big problem.”The owner of The Sentry Store, a Calgary gaming store, says implementing a temporary GST holiday on some consumer products ‘will be hell’ so he’s planning to reduce the GST to zero per cent if the federal government’s plan goes ahead.Gordon Johansen, owner of a gaming store called The Sentry Box, says for some places “it will be hell.
The Canadian Federation of Independent Businesses says a recent survey showed a majority of small firms oppose the planned GST/HST holiday