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  • No Alcohol Excise Tax Increase In Next Two Years: Freeland

    No Alcohol Excise Tax Increase In Next Two Years: Freeland

     Canada Global(Web News)Finance Minister Chrystia Freeland has announced that the federal government has decided to maintain the annual alcohol excise tax on beer, spirits and wine at two percent for the next two years.

    It should be noted that the alcohol excise tax was due to increase by 4·7% on April 1 due to inflation, but Freeland announced today that the increase has been put on hold for now. They have also tried to give some tax relief to some local breweries. Freeland has therefore decided to reduce the excise duty rate on the first 15,000 hectoliters of beer for two years. Freeland says Canada’s small craft brewers are among the best entrepreneurs in the world and are playing a significant role in the country’s economy.

    Restaurant Canada applauds the government’s move. Restaurant Canada says that such a large financial relief will also give operators a breather in this era of inflation.

  • Beer Tax Increases Are Limited To 2 Percent Through 2026, Freeland Said

    Beer Tax Increases Are Limited To 2 Percent Through 2026, Freeland Said

     Canada Global(Web News)Finance Minister Chrystia Freeland says that the federal government will limit the annual alcohol excise tax increase on beer, spirits and wine to two percent for another two years.

    The alcohol excise tax was set to increase by 4.7 percent, linked to inflation, on April 1, but Freeland announced Saturday that the increase is being kept at a lower rate until 2026.

    “In recent years we’ve seen the cost of key beer ingredients increase due to the effects of global inflation and that’s been a real challenge for brewers in Canada.
    Our government really recognizes the value,” he said. As small businesses and we also recognize the affordability challenges, we have decided that the
    alcohol industry is pressing the government to increase the excise tax before the planned excise duty deadline of 1 April. Tax increase should be abolished.

    Freeland also announced some tax relief for local craft breweries by halving the excise duty rate for two years on the first 15,000 hectoliters of beer.

  • Government To Provide $199 Million To Help Low-Income Tenants And Shelters, Finance Minister

    Government To Provide $199 Million To Help Low-Income Tenants And Shelters, Finance Minister

    Canada Global(Web News)Finance Minister Chrystia Freeland has announced $200 million to help low-income renters and shelters.

    Freeland said the federal government is going to provide an additional $99 million for the Canada Housing Benefit. With the partnership of provinces and territories, low-income tenants and shelters will be able to receive

     financial assistance. He said another $100 million will be provided under emergency winter funding to help shelters accommodate homeless people.
    This step is being taken by the government to help the homeless people who are struggling to keep up with the ever-increasing rents. Freeland made the announcement during a weekly news conference with other cabinet members in Ottawa.

     

  • Foreign Nationals Will Not Be Able To Buy Residential Property In Canada By 2027, Chrystia Freeland

    Foreign Nationals Will Not Be Able To Buy Residential Property In Canada By 2027, Chrystia Freeland

     Canada Global(Web News) The ban on foreign nationals and companies buying residential property in Canada has been extended for another two years. On Sunday, the Federal Finance Minister said that currently they are worried about issues like housing affordability and that is why this decision has been taken by the federal government.

    Chrystia Freeland announced that the ban would last until 2027. The ban, which came into effect last year, was supposed to expire in 2025. It is worth noting that foreign businesses and people who are not Canadian citizens or permanent residents were prohibited from buying residential property in Canada. There is an exemption for temporary work permit holders, refugee claimants and international students who meet the criteria.

    Non-Canadians found in violation of this ban could be fined up to $10,000 and required to sell their property. Freeland said the government is doing everything it can to make housing more affordable for Canadians.

  • Ottawa To Extend Ban On Foreigners Buying Homes For Two More Years, Freeland

    Ottawa To Extend Ban On Foreigners Buying Homes For Two More Years, Freeland

    Canada Global(Web News)Finance Minister Chrystia Freeland announced on Sunday that the federal government is extending its current ban on foreign ownership of Canadian residential properties for another two years.

    Freeland, who is also deputy prime minister, said in a statement that the expansion is part of the federal government’s economic plan to make housing more affordable for Canadians.

    The ban is currently set to expire on January 1, 2025, and will be extended to January 1, 2027.

    “By expanding the ban on foreign buyers, we will ensure that homes are used as homes for Canadian families to live in and not become a speculative financial asset class,” Freeland said.

    The government intends to use all possible tools to make housing more affordable for Canadians across the country.

    The foreign buyer ban, which was first introduced on January 1, 2023, prohibits buyers who are not Canadian citizens from

    purchasing residential property by non-Canadians to address housing affordability concerns in the 2022 Prohibition Act. was approved as part of the effort. Foreign money has been buying Canadian residential real estate for years,

    the latest move to tackle Canada’s housing crisis comes a month after the Liberal government announced it would impose a two-year temporary cap on student permits. will

  • Building Canada Is Our Primary Goal: Finance Minister Freeland

    Building Canada Is Our Primary Goal: Finance Minister Freeland

     Canada Global(Web News)The fall economic statement presented by the Liberal government acknowledged that the cost of living has become a major burden for Canadians, but at the same time the Liberals pushed the deficit down. kept Some new measures have also been introduced to deal with inflation.

    Finance Minister Chrystia Freeland presented her fiscal update in the House of Commons on Tuesday. He also talked about how inflation and a sluggish economy are weighing on the federal budget. Freeland said he would keep the deficit below one percent of gross domestic product (GDP). The Liberals want to keep the current fiscal year’s deficit below projections in their budget presented in the spring, and also reduce the deficit to GDP in 2024-25.

    It is also believed that this new fiscal update comes as the federal election is two years away and the wind is currently tipping towards the Conservatives. In his speech to the House of Commons on Tuesday, Freeland said building a Canada that delivers on commitments will be our primary goal for the next two years and beyond. This is a difficult time for us but we will get through this together.

    In terms of housing, the federal government will allocate $15 billion for low-cost loans to developers and $1 billion for affordable housing. GST charges will be removed from rental developments and co-op rental housing will be included.
    Freeland, meanwhile, said $20.8 billion in new spending would be made over the next five years. It will adopt new rules to encourage the supply of housing, including rental units and affordable housing. But most of the new spending will be related to policies and programs that the federal government has already announced in its fall economic statement. These include several billion dollars for electric vehicle battery plants.

     

  • Freeland To Legislate Changes To Short-Term Rental Market

    Freeland To Legislate Changes To Short-Term Rental Market

     Canada Global(Web News)Deputy Prime Minister and Minister of Finance Chrystia Freeland says the federal government is exploring alternatives to help provinces convert short-term rentals to long-term rentals.

    Freeland made the comments at a joint press conference with Industry Minister Francois-Philippe Champagne and Treasury Board President Anita Anand on Tuesday. Freeland’s comments come after the BC government announced earlier this week that it would introduce legislation to make changes to the short-term rental market. He said that this is a right step taken in the right direction at the provincial level.

    “We know that short-term rental homes are offered through sites like Airbnb and Verbo, but that means Canadians have fewer homes to rent, and they’re more likely to be out there,” Freeland said. Not able to live full-time, especially in urban areas. And this problem can be seen. In densely populated areas of the country. That’s why our government is exploring all options at the federal level on how to convert short-term rentals into long-term rentals or permanent homes that are easier for Canadians to live in.
    According to Freeland, 30,000 units could be vacant if short-term rental housing is combined with the long-term market in Toronto, Montreal and Vancouver. This could alleviate housing shortages.

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