Latest news with #PeterBethlenfalvy
Yahoo
05-08-2025
- Business
- Yahoo
Cheers to that: Ontario cuts booze taxes in time for the long weekend
Whether you're sipping gin on the dock, cracking open a craft brew at a backyard BBQ or stocking up on coolers for the long weekend, Ontario has something to cheers to on August 1 that could give both your wallet — and the provincial economy — a boost. Don't Miss Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich — and 'anyone' can do it The Canadian economy is showing signs of softening amid Trump's tariffs — protect your wallet with these 5 essential money moves (most of which you can complete in just minutes) I'm almost 50 and don't have enough retirement savings. What should I do? Don't panic. Here are 6 solid ways you can catch up How did we get here? A budget move to modernize booze pricing This change traces back to Ontario's 2025 provincial budget, where the government committed to overhauling the complex system of alcohol taxes and markups. It followed a year-long review launched in 2024 to find ways to modernize, simplify and make pricing fairer for both consumers and local producers. Finance Minister Peter Bethlenfalvy told the Canadian Press the goal was to 'level the playing field' and give Ontario's craft distillers and brewers a real shot against big global brands. After years of local industry pressure, the province is finally pulling some major levers to bring costs down and boost competitiveness, just in time for your long weekend drink run. So, how does the alcohol tax work? When you buy booze in Ontario, you're not just paying for the drink, you're also paying for a mix of taxes and markups that can add significantly to the final price. In this case, the basic tax (sometimes called the 'basic tax on alcohol beverages') is paid by the producers, like local breweries, distilleries and cideries. It's calculated as a percentage of the price they charge to sell their products, either to retailers like the LCBO or directly to you. Even though producers pay the tax directly, they typically pass that cost on to customers, so a lower tax means a lower price at the shelf. It's similar for microbreweries and RTD (ready-to-drink) makers, who are taxed per litre or by markup percentage, depending on the product type. The LCBO also applies its own markup, which is being reduced in tandem with these tax cuts, meaning your total cost at checkout should reflect the savings. Read more: 'You're going to live on beans and rice': This senior told Dave Ramsey she has debt and zero savings — Spirits up: Local distilleries get a big tax break As Ontario residents head into their LCBO, they will be met with a plethora of locally made gin, vodka, whisky and other spirits that are ready for their big break. The tax on spirits sold at Ontario distilleries is being cut in half, from 61.5% down to 30.75%, which will also reflect the prices on LCBO store shelves. So, for example, if a local distillery makes a $50 bottle of gin, the old tax rate of 61.5% would add $30.75 in tax, bringing the price up to over $80 — and that's before retail markup. With the new reduced rate of 30.75%, that tax drops to $15.38. So, not only will you save some money, but you may just discover a new favourite made in your own backyard. Your six-pack just got better and cheaper Imagine rolling up to your local store or that riverside patio knowing you're supporting a local brewery, and paying less for it. Ontario's 300+ craft microbreweries are also getting a major leg up with beer taxes being slashed nearly in half: Draft beer: halved from 36¢ to 18¢ per litre Bottles & cans: lowered from 40¢ to 20¢ per litre The icing on the cake? The LCBO is mirroring those cuts with its own markups, so you'll see real savings at checkout, which means you might actually splurge on that extra flight of IPAs or a surprise seasonal brew. These local gems, most based outside the GTA, employ thousands and generate over $683 million a year, all while pouring community spirit and regional flavour into every pint. Crisp, refreshing ciders now more tempting than ever Love sipping something light under the summer sun? Ciders and RTDs are about to get a lot more wallet-friendly. Right now, the government adds big markups on these drinks, sometimes doubling their price at the store. But starting August 1, those markups will be slashed nearly in half: Ciders: The extra fee you pay will drop from about 60% of the price to just 32% Wine-based RTDs (think sangrias and spritzers): their markups fall from nearly 65% down to 48% Spirit-based RTDs (vodka sodas, rum punches, and the like): those sky-high markups (almost 97%) will come down to 48% What does that mean? On a typical $10 can of cider or RTD, you could save $2 to $3 off the shelf price. More choices, more savings and more reasons to enjoy a refreshing drink without breaking the bank. From pocket change to powerhouse: Ontario's $200M alcohol boost We're not just talking pocket change here. The province estimates these changes bring in over $200 million in support to Ontario's alcohol sector by the end of 2025. That's not small-town change. It's real momentum for local producers. For context: Ontario's alcohol ecosystem generates nearly $13 billion in annual revenue, supports 90,000 jobs, and powers rural communities — from fruit orchards to local distilleries and breweries. This tax relief creates space for innovation, lowers the barrier to entry for small producers and cultivates sustainable growth. A pint of pride For many Ontarians, the pride in our local brews is real. From 2023 to 2024, 88% of beer dollars spent in Canada went toward products brewed right here. That's nearly nine out of every 10 bottles, cans and pints proudly domestic. Back in 2015, craft beer sales in Ontario jumped 36%, which was a significant surge that helped lay the foundation for the thriving, diverse craft beer scene we enjoy today. Since then, local brewers have steadily expanded their share of the market, winning over beer lovers with unique flavours and authentic stories rooted in their communities. So, when you pick up that local six-pack or cider can after August 1, you're not just grabbing a drink — you're supporting a movement that sustains jobs, fuels rural economies and celebrates Canadian pride in every pour. Cheers at the checkout Saving money at the checkout is just one part of the story. These tax breaks support the people, places and passion behind every bottle and can produced in the province of Ontario. With more affordable local spirits, craft brews and ciders on the shelves, Ontarians can enjoy summer with pride and new possibilities. Whether you're raising a glass with friends or discovering a new favourite from nearby, these shifts will make every sip better for both your wallet and your community. What To Read Next Here's how to retire in 10 short years no matter where you live in Canada — even if you're starting with $0 savings Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you? Are you rich enough to join the top 1%? Here's the net worth you need to rank among Canada's wealthiest — plus a few strategies to build that first-class portfolio Pet owners, here's how you can get up to 90% cashback on expensive emergency veterinary bills — and you can even get a free quote in 30 seconds 1. CP24: Ontario to spend hundreds of millions to boost alcohol sector (May 15, 2025) 2. Statistics Canada: Buying Canadian: The beer edition (July 9, 2025) This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
Argyle Commends the Ontario Governments Critical Minerals Exploration and Developments Initiatives
Calgary, Alberta--(Newsfile Corp. - June 4, 2025) - Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) ("Argyle" or the "Company") is pleased to announce its strong support for the Ontario Government's recent initiatives to bolster critical mineral exploration and development within the province. The Ontario Government has unveiled a comprehensive strategy to enhance the province's position in the global critical minerals market. As the province navigates the fight against tariffs, recognizing that growing Canada's rich critical mineral landscape into immense economic opportunity is crucial. Key components of this strategy include: $500 Million Critical Minerals Processing Fund: Aimed at attracting and supporting mineral processing capacity in Ontario, ensuring that minerals mined in the province are also processed locally. Indigenous Economic Participation: A nearly $3.1 billion investment to support Indigenous partnerships in critical mineral development, including tripling the Indigenous Opportunities Financing Program to $3 billion and expanding eligibility to include mining and resource development projects. Streamlined Approvals: Introduction of the "One Project, One Process" model to halve the approval time for new mining projects, particularly in strategically important regions like the Ring of Fire. Premier Doug Ford emphasized the significance of these measures, stating, "This legislation sends a clear message: Ontario will lead-not follow-in securing the resources that power the future, defending our economic sovereignty, and building prosperity for generations to come." Peter Bethlenfalvy, Ontario's Minister of Finance, added, "By investing to unlock and process these minerals here in Ontario in partnership with Indigenous communities, we can make Ontario the top global hub of critical mineral development and protect our economy, workers and communities for decades to come." The Company commends the Ontario Government for its proactive approach to developing a robust critical minerals sector. The Company's Clay Howells project in Ontario align with the province's vision of a sustainable and integrated critical minerals supply chain. Figure 1: Clay Howells REE Property Location Map To view an enhanced version of this graphic, please visit: About Argyle Resources Resources Corp. is a junior mineral exploration company engaged in the business of acquiring, exploring, staking and evaluating natural resource properties in North America. In addition to the Saint Gabriel project, the Company currently holds an option to acquire up to 100% of the Frenchvale Graphite Property located in Nova Scotia, Canada and owns 100% interest in the Pilgrim Islands, Matapedia and Lac Comporté quartzite silica projects in Quebec, Canada. Argyle is engaged in a research partnership with the National Institute of Scientific Research (INRS), a high-level research and training institute funded by the Québec government to conduct exploration programs on the Company's silica projects. The Company was incorporated in 2023 and its head office is located in Calgary, Alberta, Canada. ON BEHALF OF THE BOARD OF DIRECTORS 'Jeffrey Stevens'President & CEO For all other inquiries:Email: info@ (825) 724-0033Website: Forward-Looking Statements All statements included in this press release that address activities, events or developments that Argyle expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements may involve, but are not limited to, statements with respect to the exploration and development of the Company's mineral properties and the use of proceeds from the Offering. These forward-looking statements involve numerous assumptions made by Argyle based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond Argyle's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, Argyle does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events. Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release. To view the source version of this press release, please visit Sign in to access your portfolio
Bloomberg
02-06-2025
- Business
- Bloomberg
Ontario Finance Minister Says Tariffs are a 'Lose-Lose' Policy
Ontario Finance Minister Peter Bethlenfalvy speaks to Balance of Power about President Trump's tariff policy, including the recent increase in tariffs on steel and aluminum -- a key export from his province. Minister Bethlenfalvy also comments on Ontario's budget and deficit spending. (Source: Bloomberg)
Vancouver Sun
30-05-2025
- Business
- Vancouver Sun
Ontario MPPs to get raises after 16-year freeze and access to new pension plan
Ontario members of provincial parliament are getting big raises and access to a pension plan, under legislation introduced by Finance Minister Peter Bethlenfalvy and passed with the support of all parties at breakneck speed. Shortly after members sent the pay raise bill barrelling through the legislative process — it spent about 13 minutes from tabling to passage — representatives from all parties stood shoulder-to-shoulder outside the chamber in rare agreement. 'When we're looking for other candidates, qualified people, to actually direct the future of this province, for most of them, they have to take a huge pay cut to come here and give up, in many cases, pensions,' said NDP Opposition house leader John Vanthof. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'We're not going to build the future of this province by excluding the people who have the qualifications and have the knowledge to move us forward. So we're fully in support and I'd like to thank Premier (Doug) Ford and his government for, quite frankly, having the guts to do this.' The base pay for Ontario's elected officials has been frozen since 2009 at $116,550, and the changes would boost the salary to $157,350, which is 75 per cent of what federal MPs make. That will still be less than what city councillors in Toronto earn. Premier Doug Ford's salary would rise from about $209,000 to about $282,000 and cabinet ministers would see their pay increase from about $166,000 to about $224,000. The bill would also resurrect a pension plan for the members of provincial parliament, 30 years after the previous one was abolished by former premier Mike Harris' government. The new plan would see members enrolled in the existing Public Service Pension Plan, and they would then be entitled to supplemental benefits for MPPs who serve at least six years. Representatives of the Liberals, Greens and the lone Independent member also said it was time for the pay freeze to end. 'I want to thank the premier,' said Bobbi Ann Brady, who represents Haldimand-Norfolk as an Independent. 'I want to thank the minister and the government house leader for righting what I feel is almost a 16-year wrong,' she said. 'I continually talk about the spirit of co-operation amongst us all and I think today there is a nice spirit of co-operation here.' Bethlenfalvy said it is the right thing to do. 'I know that many people across the province work tirelessly each day to put food on the table and pay the rent,' he said. 'It's fair and reasonable. It'll be at 75 per cent of the federal compensation. It's still less than a Toronto city councillor will be paid or a Mississauga city councillor and we're going to work tirelessly each and every day, sometimes in different ways, to help all Ontarians.' Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
National Post
30-05-2025
- Business
- National Post
Ontario MPPs to get raises after 16-year freeze and access to new pension plan
Ontario members of provincial parliament are getting big raises and access to a pension plan, under legislation introduced by Finance Minister Peter Bethlenfalvy and passed with the support of all parties at breakneck speed. Article content Article content Shortly after members sent the pay raise bill barrelling through the legislative process — it spent about 13 minutes from tabling to passage — representatives from all parties stood shoulder-to-shoulder outside the chamber in rare agreement. Article content 'When we're looking for other candidates, qualified people, to actually direct the future of this province, for most of them, they have to take a huge pay cut to come here and give up, in many cases, pensions,' said NDP Opposition house leader John Vanthof. Article content Article content 'We're not going to build the future of this province by excluding the people who have the qualifications and have the knowledge to move us forward. So we're fully in support and I'd like to thank Premier (Doug) Ford and his government for, quite frankly, having the guts to do this.' Article content The base pay for Ontario's elected officials has been frozen since 2009 at $116,550, and the changes would boost the salary to $157,350, which is 75 per cent of what federal MPs make. That will still be less than what city councillors in Toronto earn. Premier Doug Ford's salary would rise from about $209,000 to about $282,000 and cabinet ministers would see their pay increase from about $166,000 to about $224,000. Article content The bill would also resurrect a pension plan for the members of provincial parliament, 30 years after the previous one was abolished by former premier Mike Harris' government. Article content Article content The new plan would see members enrolled in the existing Public Service Pension Plan, and they would then be entitled to supplemental benefits for MPPs who serve at least six years. Article content Article content Representatives of the Liberals, Greens and the lone Independent member also said it was time for the pay freeze to end. 'I want to thank the premier,' said Bobbi Ann Brady, who represents Haldimand-Norfolk as an Independent. Article content 'I want to thank the minister and the government house leader for righting what I feel is almost a 16-year wrong,' she said. 'I continually talk about the spirit of co-operation amongst us all and I think today there is a nice spirit of co-operation here.' Bethlenfalvy said it is the right thing to do. Article content 'I know that many people across the province work tirelessly each day to put food on the table and pay the rent,' he said. 'It's fair and reasonable. It'll be at 75 per cent of the federal compensation. It's still less than a Toronto city councillor will be paid or a Mississauga city councillor and we're going to work tirelessly each and every day, sometimes in different ways, to help all Ontarians.' Article content
