Finance Minister Chrystia Freeland arrives for a cabinet meeting on Parliament Hill in Ottawa prior to introducing the federal budget on Tuesday, April 16, 2024. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – Finance Minister Chrystia Freeland says this year’s federal budget will provide “generational fairness” to younger Canadians – by raising taxes on those who already benefited from Canada’s economic strengths.
The economic blueprint introduced today projects spending of $535 billion this year, with a deficit of $39.8 billion.
That compares to projected spending of $497.5 billion and a deficit of $40 billion last year.
Freeland is adding $11.5 billion in new spending this year and $53 billion over the next five years.
That includes $8.5 billion to spur new housing and $2.6 billion in “generational fairness,” easing education costs and creating more job opportunities for millennials and gen-Z.
The spending will be funded, in part, by targeted changes to capital gains taxes, which are projected to bring in more than $19 billion over the next five years.
This report by The Canadian Press was first published April 16, 2024.
