What will rise in price in Canada between 2021 and 2022?
Because of the new taxes, the prices of some goods may go up.
Canada's federal budget unveiled in April contains, among other things, a number of new taxes that are likely to affect the cost of certain goods. For some of them, prices have already started to rise. What will you have to pay more for in the near future?
Digital services
A digital sales tax is being introduced from 1 July 2021.
This means that international digital platforms will pay sales and services tax (GST/HST). This includes streaming services such as Netflix, Amazon Prime Video, Disney+, music streaming services such as Spotify and Amazon Music Unlimited, and mobile app platforms such as Google Play.
Although companies will have to pay taxes, they are likely to compensate by raising prices. For example, Netflix has already confirmed that it will increase subscription fees.
The taxes will not affect Canadian companies and likely the Apple App Store, Apple Music and iTunes sites because Apple voluntarily imposed the tax on its services in 2019.
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