Money for nothing and your chicks for free!
Feds agree to give provinces 75 per cent of pot tax revenues
Andy Blatchford, The Canadian Press
OTTAWA -- The federal government has agreed to give the provinces and territories a 75 per cent share of the tax revenues from the sale of legalized marijuana, a portion of which will be meted out to cities and towns to help them defray the cost of making pot legal across Canada.
Finance Minister Bill Morneau announced the two-year agreement today after a day-long meeting with his provincial and territorial counterparts.
Morneau says Ottawa will retain the remaining 25 per cent share to a maximum of $100 million a year, with any balance over and above that limit going to the provinces and territories.
The larger share, he added, will allow the provinces to "fairly deal with their costs and so they can work with municipalities," which had been asking for at least a one-third portion of the revenue to help ease the burden of costs like law enforcement.
Morneau said that over the first two years, the federal government expects legalized pot to generate only about $400 million in tax revenues, adding that the ministers are scheduled to gather again a year from now to assess how the framework is working.
"Our expectation is that by keeping prices low, we will be able to get rid of the black market. However, that will happen over time," Morneau said during a closing news conference, his counterparts lined up behind him.
The rest here.
Feds agree to give provinces 75 per cent of pot tax revenues | CTV News