According to a new survey, the GST/HST tax breaks and rebates offered by the government have not had a major impact on Canadians’ bank accounts. According to a survey conducted by Nanos Research, most Canadians have a negative view of these economic measures, which could cost the federal government about $6.3 billion.
This temporary GST/HST break began on December 14 and will continue until February 15.
Survey results
The Nanos survey, which was released on January 9, found mixed reactions to the government’s decision to temporarily eliminate the GST/HST on food items such as grocery store meals and internet bills. About one-third (32% ) think it is a very bad idea, while 19% think it is a bad idea. In contrast, about a quarter think it is a very good (12%) or good idea (16%).
Frustration over federal rebates
The survey also found that two-thirds of Canadians believe the federal government giving working families a $250 check is a bad (23%) or very bad idea (43%). Just under 10% think it is a very good (6%) or good idea (9%).
Could the GST/HST break be extended?
While Canadians may be busy buying snacks, baby clothes, diapers and toys, ending the tax holiday after Feb. 15 could have a negative impact on voters. Marvin Ryder, associate professor of marketing at McMaster University, believes that, as in Ontario, Premier Doug Ford cut the price of petrol by five cents a liter and extended it for six months, a move that was renewed three times.
He said that with Prime Minister Justin Trudeau announcing a change in his leadership and opposition parties promising to bring a no-confidence motion to topple the government, it could be seen as a possibility of an election.
Economic outlook in the survey
The Nanos survey found that Canadians have the most confidence in the Conservative Party of Canada to be able to boost economic growth (35%). This figure has now increased to 22% from 14% in October. In contrast, 20% trust the Liberal Party.
The survey was conducted on 1,084 Canadians between November 30 and December 4 and has an error margin of +3%, which is correct 19 times out of 20.
Conclusion
This survey shows that the government’s temporary GST/HST break and other rebates have not had a major impact. Most Canadians want this money to be spent on reducing the government deficit or on other priorities such as health and housing. While some people consider this tax break to be good, most people believe that it is just a temporary measure and did not help them much financially. Now it remains to be seen what steps the government takes before the next elections and whether a decision is taken to extend the GST/HST break or not.
FAQs
Q. What is the GST/HST holiday tax break?
A. The GST/HST holiday tax break is a temporary measure where the government eliminates GST/HST on certain items to help reduce costs for Canadians.
Q. When does the GST/HST tax break end?
A. The GST/HST holiday tax break runs from December 14 to February 15.
Q. How much is the federal rebate for working families?
A. The federal rebate provides a $250 Check for working families.
Q. What do Canadians think about the GST/HST holiday?
A. A survey shows mixed reviews, with some Canadians supporting the break and others believing it’s a poor idea.
Q. What is the government planning with the $6.3 billion?
A. Most Canadians prefer the money be spent on reducing the deficit or on priorities like housing and healthcare rather than on tax breaks and rebates.