May 26th, 2024

QH EDITED $535B budget projects $39.8B deficit, aims to restore economic fairness

By The Canadian Press on April 16, 2024.

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.

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