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Money Moves Every Student Should Master Before Day One

  Starting college or university is exciting — but it’s also the first real test of your financial independence. Building smart money habits early can save you stress (and debt) later. Here’s how to set yourself up for success: Create a realistic budget Track your income (allowance, part‑time job, scholarships) and expenses (rent, food, books, entertainment). Use budgeting apps to keep it simple. Separate needs from wants Essentials like tuition, housing, and groceries come first. Nights out and impulse buys should fit only within leftover funds. Use student discounts From software to public transit, your student ID is a money‑saving tool. Always ask if a discount is available. Limit credit card use Credit can build your score — or bury you in debt. Pay off the balance in full each month to avoid interest. Cook more, order less Meal prepping can cut food costs in half and keep you healthier. Start an emergency fund Even $10 a week adds up. A small cushion ...
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Understanding the New GST Cuts: What’s Included and What’s Not

 

The Canadian government has announced a temporary Goods and Services Tax (GST) break to help ease the financial burden on Canadians during the holiday season. This initiative, effective from December 14, 2024, to February 15, 2025, aims to provide significant relief by removing the GST/HST on a variety of essential items.

What’s Included in the GST Cuts?

The GST cuts will apply to a broad range of goods, making many everyday purchases more affordable. Here are the key items included:

  1. Groceries: While basic groceries are already GST-free, the new cuts extend to additional food and beverage items, including:

    • Alcoholic beverages (excluding spirits but including wine, beer, ciders, and spirit coolers up to 7% ABV) .
    • Restaurant meals and snacks .

  2. Children’s Essentials:

    • Clothing and footwear designed for children, including baby bibs, bunting blankets, and receiving blankets .
    • Diapers and children’s toys .

  3. Holiday Essentials:

    • Gifts, books, print newspapers, puzzles, and Christmas trees .

What’s Not Included?

Despite the extensive list of items covered, some goods remain subject to GST/HST. These include:

  • Luxury Items: High-end electronics, jewelry, and other luxury goods.
  • Non-Essential Services: Services such as spa treatments, gym memberships, and entertainment tickets.
  • Certain Alcoholic Beverages: Spirits and high-alcohol content beverages are excluded from the tax break .

This temporary GST relief is expected to save Canadians an estimated $1.6 billion over the two-month period, providing much-needed financial relief during a time of year when expenses typically rise .

By understanding what’s included and what’s not, Canadians can better plan their holiday spending and take full advantage of the savings offered by this initiative.


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