WhatFinger


Smoke and Mirrors in Fall Economic Statement



TORONTO, ON: The Canadian Taxpayers Federation’s (CTF) believes that this year’s fiscal update does not address the real budgetary problems in Ontario.

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“While it is nice to see the Wynne Government finally address the contraband tobacco problem in our province, they have failed to acknowledge how their constant tax hikes on tobacco has fostered and contributed to the creation of this black market.” said CTF Ontario Director Candice Malcolm. “Even if they’re able to recover $700 million over four years in lost contraband revenue, it’s still not going to close a $12.5 billion deficit hole this year.” The Canadian Taxpayers Federation released a report earlier this year showing the historic relationship between tobacco taxes and the illegal tobacco market. Unsurprisingly, higher taxes have led to a stronger demand for contraband tobacco. “If addressing the contraband market was a major concern for this government, why did they hike tobacco taxes by 12 per cent in the 2014 budget?” asked Malcolm. “With a $12.5 billion deficit and provincial debt approaching $300 billion, we expect better from this government,” concluded Malcolm


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