Cutting the GST is money in the bank for each and every Canadian this year, next year and every year after that.
Everyone—from the newspaper carrier to the senior on fixed income—will save money.
Canadians win in other ways, as well, from the GST cut.
For example, though we have cut the GST rate to 5 per cent, we have maintained the GST credit at the level it was at when the GST was at 6 per cent.
This is particularly helpful to low- and modest-income Canadians and their families.
Our businesses, large and small, will also benefit from cutting the GST.
It will make their products and services more affordable to consumers. This will help spur consumer demand and interest in their products and services, benefit their bottom line and contribute to economic growth in their communities and right across the country.
No matter how you look at it, the GST cut puts everyone—individuals, families and businesses—in the win column.
It gives Canadians and their families greater freedom to choose what to do with their own hard-earned money.