Finance Minister Chrystia Freeland announced $53-billion in new spending over five years, here’s what you need to know
Deputy Prime Minister and Minister of Finance Chrystia Freeland holds a press conference in the media-lockup prior to tabling the Federal Budget in Ottawa on Tuesday, April 16, 2024.unveiled by Finance Minister Chrystia Freeland on Tuesday. But the government’s newly announced spending goes well beyond those areas, and will be paid for partly with significant tax increases on the top income earners in Canada, and corporations.
The government will raise $19.4-billion in revenue through changes to the capital gains tax rules that apply to individuals and corporations, including professional corporations often owned by lawyers and doctors. On the corporate side, the budget notes that 307,000 corporations reported capital gains income in 2022. About two thirds of the revenue from the tax hike on the corporate side is expected to come from the finance and investment sector, real estate and holding companies. Less than 10 per cent of the revenue increase is expected to come from private professional corporations.The budget does not show any plans from the Liberals to end debt-financed spending.
The rebates will be annual, the budget says. They are contingent on the businesses filing their taxes.To address the country’s housing shortage and execute on a promise to build 3.87 million new homes by 2031, the Liberals say they will build housing on “every possible piece” of federal public land, from armouries to office buildings to post offices – a budget proposal that will reverse the long-standing policy of selling surplus government real estate for profit.
Around 600,000 low-income Canadians with disabilities are estimated to be eligible for up to $2,400 per year, starting from July, 2025.
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