The rumour from the Globeandmail going around right now is that GST will be cut back to 5% on Tuesday, October 30. The cutback comes as a fulfillment of a Conservative election promise to decrease the GST to 5% back when they were elected. The federal government has been basking in surplus recently and it has even been said by TD Bank chief economist Don Drummond that it is forecast to be $14.5 billion this year. Hmm, around 30 million people in Canada and a surplus of that amount equals out to $483 per person. Now this doesn’t sound like too much but I’m sure there would be a lot of happy people to get that kind of cheque from the government. I’m just not sure the 1% GST cut is really what we need right now though. The economy is already heated and growing quickly, this kind of cut will increase consumer spending and will lead to more problems in the future. I’m sure there are a lot better ideas what they could use that money for. I wouldn’t mind a reduction in my tuition fees paid for by the government. In the meantime though, I will try to think of somethings to buy to make it seem like I’m getting a 1% discount.