Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Rechie Valdez, Minister of Small Business, announced that the federal government is delivering thousands of dollars in alcohol excise duty relief to Canadian businesses, particularly local craft breweries.
The government is proposing to:
- For two additional years, cap the inflation adjustment at two per cent for beer, spirit, and wine excise duties; and,
- For two years, cut by half the excise duty rate on the first 15,000 hectolitres of beer brewed in Canada, to provide the typical craft brewery with up to $86,952 in additional tax relief in 2024-25.
To urgently deliver this tax relief to local craft breweries who are facing surging production costs, these measures would be effective for two years starting on April 1, 2024.
From stabilizing prices to help Canadians keep more of their money, to ensuring Canada's small businesses have the support they need, the government's economic plan is creating more jobs and building an economy that works for everyone.
