Canadian government's cannabis tax exceeds $1 billion since 2018

The Canadian federal government has collected more than C$1 billion ($740 million) in total taxes on cannabis products since they were legalized for recreational use in 2018, according to federal data. As this milestone approaches, cannabis business executives want government relief from the industry's levy and excise tax regime amid growing job and financial losses. According to the Canada Revenue Agency (CRA), the federal government has collected approximately $862.3 million in total taxes on cannabis products between fiscal years 2018-19 and 2020-21, most of which has been shared with the provinces and territories.The total taxes collected by the CRA on cannabis in previous fiscal years were $514 million in 2020-21, $2019-20 256.7 million Canadian dollars, and $91.6 million in 2018-19. Canada imposes an excise tax of $1 per gram or 10% of the value of each gram, whichever is greater, on dried cannabis from producers. Some jurisdictions levy additional excise taxes on top of the federal levy, and the CRA refers to these amounts as "adjustments" to the additional cannabis tax.

Source: new.qq.com/omn/author/8713560