The Liberal government is raising taxes on the rich to finance spending, according to the annual budget presented on April 16.
“We are driving the kind of economic growth that will ensure every generation of Canadians can reach their full potential,” Deputy Prime Minister and Minister of Finance Chrystia Freeland told the House of Commons in Ottawa in outlining the proposed budget. “And we are making Canada’s tax system more fair—by ensuring that the very wealthiest pay their fair share.”
The budget is allocating $39.2 billion in spending over six years, with expenditures planned for housing and other social supports.
The budget will be voted on by the House of Commons before it’s adoption.
The Liberals said in November they expected an annual budget deficit of about $40 billion for the current year. Today’s budget says this projection will be maintained.
In the weeks leading up to today’s budget presentation, the Liberals had announced a number of programs ranging from housing and national defence to child care and artificial intelligence.
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