Tax hike on tobacco could save 25,000 lives
Finance Minister Jim Flaherty has put Canada in the medal hunt for the tobacco control Olympics. But if he wants the gold, he is going to have to do more.
Flaherty announced in his Feb. 11 budget that the federal excise tax for cigarettes would rise by about 40 cents per pack. With extra provincial taxes and the tobacco industry’s own profit markup, this means the street price of a pack would rise by about 50 to 60 cents, or around 5 per cent for an average pack currently priced at $10.