Cheers! Feds offer tax relief to beer makers
The federal government is offering some tax relief to the beer industry in Canada.
The inflation-indexed alcohol tax increase will be held at no more than two percent for the next two years.
The tax was put in place in 2017, and was set to increase by 4.7 percent next month.
Restauranteurs across the country warned about the potential consequences of sticking to the original tax numbers.
"Any increase at this very vulnerable time for our industry is just another blow while we're down," said Brenda O'Reilly, the owner of multiple restaurants and a brewery in St. John's, N.L, in a 2023 interview with The Canadian Press.
"It's like death by a thousand cuts."
As well, tax relief is now in place on each brewer's first 15 hundred hectolitres.
That will be a 80 to 90 per cent tax rate reduction.
Rising inflation has taken a swig out of profits, and industry association "Beer Canada" says this will offer significant relief.
With files from The Canadian Press
CTVNews.ca Top Stories
Drive one of these vehicles? You may pay 37 per cent more than average insurance costs due to thefts
As the number of auto theft incidents rises in Canada, so have insurance premiums for drivers, even the ones whose vehicles aren't stolen.
Israel's war cabinet minister moves to dissolve parliament: statement
Israeli war cabinet minister Benny Gantz's centrist party has proposed holding a vote to dissolve parliament in a bid to bring about an early election, his party said in a statement on Thursday.
'I'm not wealthy': Ontario senior shocked she owes $40,000 in capital gains after gifting land
An Ontario senior who wanted to help her daughter and grandson eventually own homes one day decided to give them two lots on her property as a gift—but she didn’t know it would eventually cost her tens of thousands of dollars.
DEVELOPING BMO clients face outages in Canada, U.S. following data centre fire alarm
Bank of Montreal clients on both sides of the border Thursday morning have reported outages with banking services. BMO said its technical team is investigating.
Exorbitant fees get Gazans out with no help from Ottawa
The comforting sound of giggling grandchildren has chased away the cloud of anxiety that has loomed over Mohammed and Intisar Nofal's home for the past seven months.
Nick Taylor of Abbotsford, B.C., begins RBC Canadian Open defence
Nick Taylor begins the defence of his RBC Canadian Open title this morning.
B.C. mortgage broker ran $270-million Ponzi scheme, then fled Canada, bankruptcy trustee says
The trustee appointed to manage the bankruptcies of a Victoria mortgage company and its owner has concluded that they committed "numerous offences" and operated as a "massive Ponzi scheme."
Want to turn off Meta AI? You can't - but there are some workarounds
If you use Facebook, WhatsApp or Instagram, you've probably noticed a new character pop up answering search queries or eagerly offering tidbits of information in your feeds, with varying degrees of accuracy.
opinion Trump's Republicans falling far behind in fundraising, infrastructure
In his latest column for CTVNews.ca, Washington political analyst Eric Ham explains how and why Republicans -- up and down the ballot -- are falling far behind Democrats in both fundraising and infrastructure.