Digital giants like Netflix, Amazon, and Airbnb will soon be paying HST or GST on sales to Canadian consumers. A move that experts warn could raise prices. This includes App store purchases, streaming, and buying products on Amazon. Consumers should expect to see a sharp rise in prices.
The news came as part of the federal government’s fiscal update Monday, where Finance Minister and Deputy Prime Minister Chrystia Freeland, said it was a matter of fairness. She also announced $400 billion will be added to the national debt.
“Canadians want a tax system that is fair, where everyone pays their fair share, so the government has the resources it needs to invest in people and keep our economy strong. That is why we are moving ahead with implementing GST/HST on multinational digital giants, and limiting stock option deductions in the largest companies,” Freeland said.
This move has some experts worried that the companies will opt to raise their prices and cancel out their lost revenue. “Canadians will be paying more for these services. Tell me one company who ever told a consumer ‘yes, I’ll pay that sales tax for you.’ Prices are going up,” said Michael Geist, the Canada Research Chair in Internet and E-Commerce Law at the University of Ottawa, to the Toronto Star.
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