Ministers also tackled corporate transparency, CPP
Investors in Canada’s burgeoning cannabis industry were handed some good news Monday as finance ministers met in Ottawa to discuss key areas for greater collaboration.
Among the issues discussed and agreed by federal finance minister Bill Morneau and his provincial and territorial counterparts were duties on cannabis, which they agreed to keep low.
That means the lower of $1 per gram or 10% of product price with the split of that revenue handing provinces and territories 75% while Ottawa will take 25% up to $100 million annually, after which the regional governments will get an extra windfall.
The governments will continue to work collaboratively to achieve the appropriate legislative framework for the industry.
Corporate transparency also in the spotlight
Aside from pot, the ministers also agreed to tackle some other key issues in Canadian business.
They agreed to work together to ensure that authorities know who owns Canadian corporations and this will include better-harmonized record keeping between Canada’s jurisdictions.
Ministers want to prevent webs of companies being used to conceal ownership leading to evade tax, money laundering and other criminal practices.
CPP will become fairer
Bill Morneau highlighted how changes to the Canadian Pension Plan can impact men and women differently and the ministers agreed to strengthen the CPP to provide greater benefits to parents whose income drops after the birth or adoption of their child, to persons with disabilities, to spouses who are widowed at a young age and to the estates of lower-income contributors.
Mr Morneau said that these changes will especially help women, helping to boost gender equality.
“I thank my colleagues for their work. Canada's Finance Ministers have a proven track record when it comes to working together, and this year’s meeting is yet another example. We have taken action on international tax evasion and money laundering, and we are moving forward with a better approach to cannabis and a stronger CPP. I look forward to continue building on this productive partnership in the months and years ahead,” Morneau said.
Among the issues discussed and agreed by federal finance minister Bill Morneau and his provincial and territorial counterparts were duties on cannabis, which they agreed to keep low.
That means the lower of $1 per gram or 10% of product price with the split of that revenue handing provinces and territories 75% while Ottawa will take 25% up to $100 million annually, after which the regional governments will get an extra windfall.
The governments will continue to work collaboratively to achieve the appropriate legislative framework for the industry.
Corporate transparency also in the spotlight
Aside from pot, the ministers also agreed to tackle some other key issues in Canadian business.
They agreed to work together to ensure that authorities know who owns Canadian corporations and this will include better-harmonized record keeping between Canada’s jurisdictions.
Ministers want to prevent webs of companies being used to conceal ownership leading to evade tax, money laundering and other criminal practices.
CPP will become fairer
Bill Morneau highlighted how changes to the Canadian Pension Plan can impact men and women differently and the ministers agreed to strengthen the CPP to provide greater benefits to parents whose income drops after the birth or adoption of their child, to persons with disabilities, to spouses who are widowed at a young age and to the estates of lower-income contributors.
Mr Morneau said that these changes will especially help women, helping to boost gender equality.
“I thank my colleagues for their work. Canada's Finance Ministers have a proven track record when it comes to working together, and this year’s meeting is yet another example. We have taken action on international tax evasion and money laundering, and we are moving forward with a better approach to cannabis and a stronger CPP. I look forward to continue building on this productive partnership in the months and years ahead,” Morneau said.
