when did gst go from 7 to 5
Goods and services tax (Canada) On July 1, 2006, the Government of Canada reduced the tax by 1 percentage point (to 6%), as promised by the Conservative Party in the 2006 election campaign.[7][8][9] They again lowered it to 5%, effective January 1, 2008.[10] This reduction was included in the Final 2007 Budget Implementation Bill (Bill C-28),[11] which received Royal Assent on December 14, 2007. This change has been estimated to have decreased government revenues by approximately $6 billion.[12][13] Opponents of these tax decreases cited that sales taxes target those who spend more and therefore such reductions disproportionately benefit Canadians giving those who have the most and spend the most the largest tax decrease.[8]