Cult MTL | Montreal bleeds money on the Grand Prix
For years we’ve been told that Montreal Grand Prix brings enormous
economic benefits to the city despite the hefty price tag —
$18.7-million in subsidies from three levels of government in 2015.
Turns out that’s about $10-million more than the tax benefits,
according to a study by the KPMG accounting firm conducted on behalf of
the Montreal International Jazz Festival, La Presse reports.
In comparison, the government tax take of Jazz Fest activities — many
of which are free to the public — were estimated to be more than double
the subsidies, $8.3-million on grants of about $4-million a year.