Making Money Minute with Ron Hiebert - Tariffs Aren’t A New Thing

US Tariffs, have the same impact, as our federal Goods and Service Tax, and the Provincial Sales Tax. They are a tax on consumption. You pay it when you purchase items and spend money. Tariffs are not a new source of government revenue. Before 1914, tariffs, or custom duties, as they were then called, were the primary source of income for the Canadian government. They accounted for over 85% of total revenue in the early 20th century. It was only at the outbreak of World War I, that Canada added corporate and personal taxes to pay for the war.

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