$535B budget projects $39.8B deficit, aims to restore economic fairness

OTTAWA — The 2024 federal budget will provide"generational fairness" to younger Canadians by raising taxes on those who have already capitalized on Canada's economic strengths, Finance Minister Chrystia Freeland said Tuesday as she tabled the document in the House of Commons.

Freeland denied Tuesday that her latest budget is mainly a political exercise — but nonetheless acknowledged that for anyone under 40 in Canada, it's"just harder to establish yourself" than it was for the generations that came before. To try to fix that problem, the budget is promising $8.5 billion in new spending over the next five years to build millions of new homes and nearly $2.6 billion to enhance student aid and grant programs and open up new job opportunities.Overall the budget projected spending will rise to $535 billion in 2024-25, compared with $497.5 billion in 2023-24. The deficit is projected at $39.8 billion, compared with $40 billion last year.

Currently Canadians only pay taxes on 50 per cent of the money they make from capital gains, which refers mainly to profits made from selling an asset like a stock.

Source: News Formal (newsformal.com)

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