The Feds Want To Start Taxing Big Web Companies But It's The Customers Who Have To Pay
Are you ready to pay more taxes? Well, you might have to. As part of Canada's fall economic update, the federal government announced they want to start taxing the digital services you may be subscribed to.
In a speech from the House on Monday, Finance Minister Chrystia Freeland announced a plan that intends to see major online companies getting taxed.
According to CBC News, it's part of a wider incentive to create a national child care system.
This, in turn, aims to lower the financial burden of families and encourage more women to return to the workforce.
Editor's Choice: You Can Get Up To $1200 From The Feds in 2021 For Each Child Under 6 You Have
$1 Billion
Could be made in 5 years
Freeland announced that the country is moving along to implement GST and HST on multi-national web giants to "better the lives of everyone."
"Canadians want a fair tax system where everyone pays their fair share so that the government has the resources it needs to invest in people and keep our economy strong," she said on Monday.
Per the CBC News report, this new tax could bring in $1 billion over the next five years. However, it will be the consumer who foots the tax bill, not the company.
For now, though, the government will be allocating $20 million to begin its plan on childcare.
This comes after B.C implemented a "Netflix tax" earlier this year and as Canadian leaders have called on major companies operating outside of Canada to pay their dues.