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Canada's last housing busts happened during the early 1990s recession, when Canada was facing low commodity prices, [20] a large national debt and deficit that was weakening the value of the Canadian dollar, the possibility of Quebec independence, and a recession in Canada's main trading partner, the United States.
The GST applies nationally. The HST includes the provincial portion of the sales tax but is administered by the Canada Revenue Agency (CRA) and is applied under the same legislation as the GST. The HST is in effect in Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island.
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During this period, Zellers used the slogan "Where the lowest price is the law." [16] In 1993, Hudson's Bay Company purchased the assets of the bankrupt Woodward's chain, including 21 store locations. [8] These were converted into Zellers and The Bay stores and greatly expanded the company's presence in Western Canada. [8]
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