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As Canada braces for sweeping tariffs on Canadian goods threatened by incoming U.S. president-elect Donald Trump, Prime Minister Justin Trudeau says that threat should be taken seriously. Trump sent shockwaves earlier this week when he announced that he plans to sign an executive order imposing a 25 per cent tariff on all products coming into the United States from Canada and Mexico once he comes into office.Trump has said the tariffs will remain in place until both countries stop drugs, in particular fentanyl, and people from illegally crossing the borders.As uncertainty and concern looms over the potential impact this could have on Canadian industries, Trudeau warned Friday that there is “no question” that Trump plans on seeing this measure through.“One of the things that is really impor...

Starting next month, Canadians could get a temporary “tax holiday” on dozens of items as a Liberal bill inches closer to becoming law. Bill C-78, titled the “Tax Break for All Canadians Act,” passed in the House of Commons Thursday night, with the help of support from the New Democratic Party.It will now be considered by the Senate and if passed there, will go on to receive royal assent. 4:20 Holiday GST Break: What’s exempt and what it means for your wallet A two-month break on the goods and services tax or harmonized sales tax will apply on certain groceries, alcoholic beverages and children’s clothing, among other items. Story conti...

The Liberals’ GST holiday bill is one step closer to becoming law after it was passed by a majority of the House of Commons late Thursday night.  The two-month tax break covers dozens of items, including children’s clothes and toys, video games and consoles, Christmas trees, restaurant and catered meals, wine, beer, candy and snacks. It would take effect on Dec. 14 and run until Feb. 15, 2025.The government announced the plan as a way to ease affordability concerns during the holiday period. At the time, they also pledged to send $250 rebates to working Canadians in the spring, but that particular measure was not included in the bill.The legislation to enact the tax break was the first bill passed through the House of Commons since late September, and required some procedural wrangling fro...