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Town supports Lakeshore motion seeking cut of Marijuana proceeds

Posted January 31, 2018

New Tecumseth council attached its name to a motion circulating out of the Town of Lakeshore asking the federal and provincial governments to share tax revenues from the sale of marijuana to fund municipal infrastructure projects.

Lakeshore's motion would create a fund, similar to Gas Tax and the Clean Water and Wastewater Fund. In December, the federal government agreed to give the provinces and territories a 75 per cent share of the tax revenues from the sale of all cannabis products - C$1 (78 cents) per gram (0.04 ounce), or 10 percent of the retail price, whichever is more.

"(M)unicipalities face a significant challenge in funding critical infrastructure projects and have limited options for increasing revenues, aside from raising property taxes, which negatively impacts all taxpayers," according to the January 22 motion's preamble. "(T)he new tax revenues generated from the sale of marijuana, could be used to help offset infrastructure costs for Municipalities."

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All stories, unless otherwise noted,
by Tony Veltri

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