Awash in cash, Tories expected to cut GST to 5 per cent

Government of Canada announce that they are planning to cut the GST to 8% to 5 %. It is because Ottawa’s swelling budget surplus. They have huge budget with commodity price boom for resource such as oil and coffer. Toronto – Dominion Bank chief economist Don Drummond forecasts Ottawa is headed for a surplus of 14.5 billion this year. It went to 3.3 billion before to now 14.5 billion dollar. Finance Minister Jim Flaherty announce about this plan front of the House of Commons. This GST cut would benefit shoppers and businesses during the Christmas season. Also, help retailers losing business to cross border shopping. On the other hand, the Liberals have come out against GST cut.


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