Deputy Prime Minister and Minister of Finance Chrystia Freeland tables the federal budget in the House of Commons in Ottawa on Tuesday, April 16, 2024. The Liberal government has already unveiled significant planks of the budget, including billions of dollars to build more homes, expand child care and beef up the military.
“Today it is possible for a carpenter or a nurse to pay tax at a higher marginal rate than a multimillionaire. That isn’t fair. That must change, and it will,” Ms. Freeland said in the House of Commons Tuesday afternoon, according to her prepared remarks. She said 99.87 per cent of Canadians will not be affected.
There is also a new Canadian Entrepreneurs’ Incentive that proposes a lower lifetime capital-gains inclusion rate for qualifying businesses under certain conditions. The budget forecasts smaller deficits each year, declining to $20-billion in 2028-29. As a percentage of GDP, the deficit will be 1.3 per cent in the current fiscal year and is projected to decline to 0.6 per cent in the fifth year of the forecast.
Some economists expressed surprise at the size of new revenue the federal government hopes to collect. David Macdonald, senior economist with the left-leaning Canadian Centre for Policy Alternatives, called it a “go big or go home housing budget” and said most Canadians will not be affected by the tax increases required to pay for the spending.
Federal Budget 2024 Budget Cent Tax Government Spending Deficit Business Benefit Bank Of Canada Scotiabank Statistics Canada
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