As of January 1, 2015, a large number of imported items into Canada have become subject to new taxes, possibly signifying higher costs for Canadian consumers.
This stems from a decision to remove 72 countries, including China, India and Brazil, from Canada’s “General Preferential Tariff” list that previously included 176 countries.
Any items that are coming in from outside of the border, including, coffeemakers, lamps, canine clothing, etc. will cost business owners more to carry in their stores.
On the other hand, the Canadian government is hoping that the new taxes will bring in more profit into the economy and result in the average consumer not having to suffer form the price hikes. The new tariffs are estimated to bring in an additional $330 million each year.
The new decision is also set to encourage cross-border shopping, especially with the U.S. CJ