Sunday, April 14, 2024

Good news for drinkers! Canada’s alcohol tax to stay low for 2 more years

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Deputy Prime Minister and Minister of Finance Chrystia Freeland

Good news for Canadian drinkers and breweries! The federal government announced a cap on alcohol tax increases for beer, wine, and spirits. This means the tax will only go up by 2% annually for the next two years, instead of the previously planned 4.7% increase that matched inflation.

Finance Minister Chrystia Freeland also delivered a special tax break for small Canadian craft breweries. They’ll get a reduced tax rate on their first 15,000 hectoliters of beer production for the next two years.

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This move was welcomed by both the restaurant industry and craft brewers who are still recovering from the pandemic and facing inflation pressures. However, some taxpayer groups believe the government shouldn’t raise alcohol taxes at all.

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