TORONTO — Finance Minister Chrystia Freeland says the federal authorities will cap the annual alcohol excise tax improve on beer, spirits and wine at two per cent for an extra two years.
The alcohol excise tax had been set to rise on April 1 by 4.7 per cent, tied to inflation, however Freeland introduced right now that the rise is being capped on the decrease charge.
She additionally introduced some tax aid for native craft breweries by chopping the excise obligation charge on the primary 15,000 hectolitres of beer in half for 2 years.
She says Canada’s small craft brewers are among the many most interesting on the planet and are an necessary contributor to the financial system.
Eating places Canada is applauding the transfer, saying the monetary aid will give operators an opportunity to catch their breath as they fight to deal with inflation and bounce again from the COVID-19 pandemic.
The Canadian Taxpayers Federation says it’s good to see some aid, however the authorities shouldn’t be elevating alcohol taxes in any respect.
