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New year sees GST down 1%

<p>Buying a new car, home or engagement ring just got 1 per cent cheaper as the GST cut shoppers have been waiting for came into effect yesterday.</p>

Shoppers look for savings as federal tax drops


Buying a new car, home or engagement ring just got 1 per cent cheaper as the GST cut shoppers have been waiting for came into effect yesterday.



The federal goods and services tax was dropped to 5 per cent, as Prime Minister Stephen Harper made good on an election promise.



Hilmy Hamel, 28, shopped with his wife, Diana Hamel, on Robson Street yesterday.



He said he put off buying a new car until the tax cut came into effect to save $500 on the GST.



Diana, 25, said she’s more excited to see how much the little savings will add up over time.



"It’s more reason to buy things," she said. "And it will help with the daily purchases you have to (make)."




kristen.thompson@metronews.ca


















annual savings




  • The typical Canadian household will save about $400 to $500 a year.



 
 
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