Posted Nov 7, 2016, 2:59 AM
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Beer me Captain
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Join Date: Sep 2003
Location: Taking a Pis fer all of ya
Posts: 5,520
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Quote:
Originally Posted by Acajack
Paying for the capital costs of the Olympic facilities was mostly borne by taxpayers across Quebec.
More specifically, by smokers across Quebec, via a special tax on cigarettes. Oddly enough, it was brought up by a guy I was talking to last night in a bar. He mentioned that the cigarette tax was to pay for the Big O, but even though the Big O is paid off, the tax has remained.
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Not meaning to to deflect from your statement, but all of Canada did participate in paying off the debt too.
Quote:
Under s10 of the Olympic (1976) Act, passed in 1973, the Organizing Committee of the 1976 Olympic Games, a Québec corporation, was authorized to run a lottery scheme to raise money for the 1976 Olympic Games in Montréal and was allowed to sell tickets in any province where the government of that province agreed, provided that the proceeds were used to provide financial assistance for the Olympics and for the development of amateur sport in the participating provinces. In the 9 draws between 1973 and 1976, $230 million was raised for the Olympics, $25 million for the provinces and $190 million was awarded in prizes.
Loto-Canada Inc, a federal crown corporation, was established in 1976 to raise money through lotteries to help Québec pay for its Olympic deficit. This lottery was strongly opposed by the provinces which regarded lotteries as their exclusive field of operation.
Under a 1979 agreement, Loto-Canada Inc was wound up by the federal government in return for the payment by the 10 provincial governments quarterly to the federal government of $6 million, adjusted according to the Consumer Price Index; 82.5% of the profit of Loto-Canada had gone to the Olympic debt, 12.5% to the provinces, and 5% to the federal government in support of programs in fitness and amateur sport, recreation, the arts and culture.
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And the debt was formally "retired" at the end of 2006.
Quebec's Big Owe stadium debt is over
And to support Acajack's point
Quote:
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Much of the debt was serviced through a special tax on tobacco.
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