$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 said the 2024 budget is designed to fix that problem, to"unlock the door to the middle class" for more Canadians. The budget document itself uses the word fairness 50 separate times. 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.

"But before they complain too bitterly, I would like Canada's one per cent — Canada's 0.1 per cent — to consider this: what kind of Canada do you want to live in," she asked in her speech. "Do you want to live in a country where kids go to school hungry? Do you want to live in a country where a teenage girl gets pregnant because she doesn’t have the money to buy birth control?"

"This isn't spending just to boost the economy today, but rather improve the trajectory of the Canadian economy going forward," he said.

Source: News Formal (newsformal.com)

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