Diamonds Are a Girl's Best Friend
Picture extracted from (www.tiffany.ca).
The pricey task of picking out an engagement ring (or just pampering yourself for a change) may be lowered ever-so slightly. On Tuesday, Harper's Conservative government released the contents of the 2006 budget (check out www.fin.gc.ca for more details). This year, the Retail Council of Canada (and the government) has proposed to eliminate the Jewelry Excise Tax entirely. The Excise Tax is currently at 6% and was in the process of being phased down to 2%. Although in the grand scheme of things this tax break would only be a marginal cut, it still makes me one incredibly happy girl.
And for all of you guys out there looking to buy engagement rings, you are looking at a 6% savings. For example, "The Lucinda Ring" from Tiffany & Co regularly priced at approximately $2,060 would save you just a little over $123. You won't be able to see the actual tax break on your receipt; rather, it will be rolled into the total cost of the piece of jewelry. I'm crossing my fingers that it will soon be time to go shopping for all that glitter and glam.
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