Preheat oven to 350 degrees. Line a 9x9 or 7x11 inch pan with aluminum foil allowing 2 inches to hang over the sides. Lightly grease.
In a microwave safe bowl melt the chocolate and butter stirring after 30 seconds each time being careful not to burn the chocolate. Whisk in the sugar and add the eggs one at a time until blended. Add the flour, red food coloring, baking powder, vanilla, and peppermint extract. Stir until fully incorporated.
Pour into the bottom of your prepared baking pan and bake for 40-44 minutes or until toothpick comes out clean with moist crumbs. Cool completely.
To make the cream cheese frosting: Beat together the cream cheese and butter until smooth. Add the powdered sugar, vanilla, and peppermint extract and continue to beat until creamy. Frost the cooled brownies. Top with crushed candy canes.