Federal budget offers tax breaks on baby clothes, adoption expenses and sporting equipment
By Jason Fekete, Postmedia News March 21, 2013
OTTAWA Canadians will receive extra tax relief on baby clothes, adoption expenses and sporting equipment as part of new measures announced in Thursdays budget, but smokers will face a substantial hike in levies on manufactured tobacco for rolled cigarettes.
Finance Minister Jim Flaherty delivered a 2013-14 federal budget with very little new spending but the government offered up a few targeted goodies for taxpayers of all ages.
As of April 1, the federal government will eliminate all tariffs on baby clothing and sports and athletic equipment (such as ice skates, hockey equipment, skis and snowboards, golf clubs and exercise equipment) to reduce the gap in retail prices that Canadians pay compared to U.S. consumers.
The current tariff rates, to be eliminated April 1, range between 2.5 per cent to 20 per cent on the various goods. The measure is expected to cost the government $76 million annually.
Well see if we actually see a reduction in prices, (and) we see the tariff savings flow through to Canadian consumers, Flaherty told reporters Thursday. So this is a test case for us.
The move comes after the Senate finance committee examined the price discrepancies between products in Canada and the United States, and identified tariffs as a possible factor.
General chatter while we wait (and commentary on the "pull out method") (1 Viewer)