Canada's 2024 Budget: New Spending and Tax Increases for Wealthiest Canadians

Deputy Prime Minister and Finance Minister Chrystia Freeland arrives to a cabinet meeting on Parliament Hill in Ottawa on April 16.The 2024 budget includes $52.9-billion in new spending and loan programs and a commitment to not raise the deficit. That means effective tax increases, this time on the wealthiest 0.13 per cent of Canadians and a small number of corporations.

No doubt some of these crises are this government’s own making. Many are rightly concerned that such spending will fan the flames of inflation. But austerity will only make these problems worse, as would adding billions to a growing level of national debt. Instead, the government can and should finance this spending through contributions from those who can afford it. They estimate these modest increases will generate $21-billion in revenue over the next five years.

David Dodge – former governor of the Bank of Canada – in a recent interview said this budget is likely to be the “worst in decades” and that these tax increases will “slow down investment which is going to raise Canadians’ standard of living over time.” These views are based on the “trickle-down theory” of economics, which suggests that the wealthy reinvest their savings which pays dividends for society through job creation. A rising tide lifts all boats.

Canada 2024 Budget Spending Loan Programs Tax Increases Wealthiest Canadians Policy Crises Infrastructure Healthcare Medication

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Top 2024 NHL Draft prospect Macklin Celebrini wins 2024 Hobey Baker AwardCelebrini beat out Boston College’s Cutter Gauthier (Anaheim Ducks) and North Dakota’s Jackson Blake (Carolina Hurricanes) to become the youngest...
Source: DailyFaceoff - 🏆 25. / 68 Read more »

Here’s 5 Canadians to watch in 2024 NCAA women’s basketball tournamentThe Canadian Press takes a look at five Canadian players to watch in the women's NCAA tournament.
Source: GlobalCalgary - 🏆 50. / 61 Read more »

Canadian Government Plans to Make Wealthiest Canadians Pay More in 2024 BudgetThe Canadian government, led by Deputy Prime Minister and Minister of Finance Chrystia Freeland, is planning to introduce measures in the 2024 budget to ensure that the wealthiest Canadians contribute more. However, the specific details of these measures have not been disclosed yet. The government has been making various announcements across the country, primarily focused on housing and rental construction initiatives, in the lead-up to the budget release on April 16.
Source: GlobalCalgary - 🏆 50. / 61 Read more »

Carbon Tax rebate hits Canadians' pockets as 'Axe the Tax' protests continueMillions of Canadians woke up Monday with a carbon tax rebate cheque in their bank account, but that's not good enough for some, who are protesting the tax.
Source: CTVCalgary - 🏆 26. / 68 Read more »

First 2024 Canada carbon rebates will be deposited today for some CanadiansOTTAWA — The first instalment of the 2024 Canada carbon rebate will be delivered to some Canadians today as long as they filed their taxes by the middle o
Source: DurhamRadioNews - 🏆 70. / 51 Read more »

First 2024 Canada carbon rebates will be deposited today for some CanadiansThe first instalment of the 2024 Canada carbon rebate will be delivered to some Canadians today as long as they filed their taxes by the middle of March.
Source: BNNBloomberg - 🏆 83. / 50 Read more »