ORANGEVILLE, ON – David Tilson, Member of Parliament for Dufferin-Caledon, applauded the Federal Government on its further reduction of the Goods and Services Tax (G.S.T.) from six per cent to five per cent that became effective on January 1st, 2008. This is second G.S.T. cut by the Government in less than two years.
“2008 will be less taxing for consumers here in Dufferin-Caledon and throughout Canada,” said Mr. Tilson. “Our Government promised Canadians that we would reduce the G.S.T. to five per cent and we have delivered by beginning this reduction on New Year’s Day. The cut will assist in improving consumer confidence, encourage business growth, and strengthen the Canadian economy.”
The two-percentage point reduction will mean significant savings for people living in Dufferin-Caledon. Individual savings will be significant:
- A family purchasing a new $300,000 home in Dufferin-Caledon will save $3,840 in G.S.T.
- A family spending $10,000 on home renovations in Dufferin-Caledon will save $200 in G.S.T.
- A family spending $30,000 on a new vehicle in Dufferin-Caledon will save $600 in G.S.T.
“Our Government has established a proud legacy of tax relief for Canadians,” said Mr. Tilson. “This is a tremendous achievement that benefits all Canadians and demonstrates our Government’s commitment to putting Canadians first by keeping our promises to them.”