Achi news desk-
The Liberals plan to include measures in Budget 2024 to make sure the wealthiest Canadians “pay more,” according to three government sources.
But it is not yet clear how the government plans to do this or what measures are being considered.
Over the past few weeks, Prime Minister Justin Trudeau and his cabinet ministers have been criss-crossing the country with announcements ahead of the April 16 budget, with those announcements representing more than $37 billion in new spending.
Most of these announcements were in the form of programs aimed at increasing construction for housing and rental, through a combination of infrastructure grants and loans. The pre-budget announcement did not announce direct revenue measures such as taxation changes.
However, Finance Minister Chrystia Freeland pledged that the fiscal plan would not increase the government’s $40.1 billion deficit.
Last year, the government aimed to cut spending by $15 billion across the government, with a mandate to rein in an additional $4.1 billion annually between now and 2028.
Asked about the possibility of raising taxes on the highest earners, NDP Leader Jagmeet Singh pushed for higher taxes on high corporate profits — something the NDP has long favored.
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“We certainly believe the wealthy should pay their fair share, but what we focused on when we looked at the cost of living crisis was its big corporations taking advantage of Canadians. That was our focus,” Singh told reporters before question period.
“Right now, our focus is specifically on big corporations that are ripping off Canadians. Big corporate grocery stores, oil and gas companies, the big telecom companies are ripping off Canadians, and the Conservatives and Liberals have let them do it for too long.”
During question period on Monday, Conservative leader Pierre Poilievre referred to a November 2023 Scotiabank report, which Poilievre said indicated that increased deficit sizes contributed to interest rate hikes over the past two years.
“According to Scotiabank, the Prime Minister’s deficits add twice as many percentage points to interest costs for the average family. That comes to about $6,000 on a modest $300,000 mortgage. Six thousand in extra mortgage payments from these deficits alone. Will they finally wake up to the fact that the Prime Minister Isn’t this liberal NDP worth the price?” Puliver asked in the House of Representatives.
In response, Housing Minister Sean Fraser said that the upcoming budget focuses on the promises made in recent weeks to build more houses and feed the children at school.
“Mr. Speaker, we will continue to put measures on the table to make life cheaper for middle-class Canadians and do right by a generation of young people who have been priced out of the housing market. Too bad [Poilievre’s] The policy will have the exact opposite effect,” Fraser replied.
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