⚡Simon Wong ⚡

BREAKING NEWS: 6 hours before the GST/HST holiday is set to begin, CFIB confirms with government that it is NOT mandatory for businesses to participate: "This measure is now law. We expect businesses to comply with the new rules, but we don’t intend to chase after small businesses that may struggle to implement the measure in time. There remain pathways for businesses and all Canadians to obtain their GST relief on qualifying goods through the CRA." My interpretation of this is: 1. Government wants everyone to offer the holiday, but no business is required to do so. 2. If a business decides to continue to collect the GST/HST on eligible goods to avoid the administrative challenges, it must remit the tax revenue to the CRA as normal. 3. Consumers AND businesses that have paid the GST/HST on eligible goods can go to the CRA for a refund. 4. Competitive pressure will push most retailers and restaurants into participating anyway. They won't want to risk losing a sale to the neighbouring biz that is participating. 5. Many manufacturers and distributors (like PepsiCo) will not participate, which will cause cash flow issues for small business owners. What a mess!