Freeland presented the federal budget in the House of Commons in the afternoon, which pledges $53 billion in new spending that she says is focused on economic justice for younger generations.
The taxable portion of capital gains above $250,000 would rise from half to two-thirds, which the federal government says will only affect 0.1 per cent of Canadians and raise nearly $20 billion in revenue over five years. That's because the government increased the lifetime capital gains exemption from around $1 million to $1.25 million, which means Canadians can exempt capital gains up to that amount on the sale of small business shares and farming and fishing property.
James Orlando, TD's director of economics, said federal spending is speeding up but remains below the government's self-imposed"speed limit." The fall economic statement also set the goal of keeping deficits below one per cent of GDP beginning in 2026-27 and lowering the debt-to-GDP ratio in 2024-25 relative to the projection.
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