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Money to Burn

Tuesday, 11 February 2014 at 16:29

Federal Budget will raise more money from the pockets of smokers.

The federal government is hiking its taxes on cigarettes today as part of the federal budget.

Higher excise taxes on tobacco will raise the price of a carton of 200 smokes by $4.  They're also ending the discount on cigarettes sold at duty-free stores, by raising taxes by $6 a carton at those establishments. 

The increase will help the government raise an extra 685-million dollars in 2014-15.

Other headlines from today's budget include:

-A promise of future legislation to even the playing field on cross border pricing that sees Canadians pay more for the same goods.

-And the federal deficit is headed closer towards balancing with a forecasted 2.9-billion dollar deficit in 2014-15, with a $3 billion contingency fund. 

Finance Minister Jim Flaherty's called his budget "boring", but one that moves the country closer to balancing the books.

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