Achi news desk-
Tuesday’s federal budget will include a tax increase on the wealthiest Canadians, sources told Radio-Canada.
It is not clear exactly what form the tax measure will take but senior Liberal sources have told Radio-Canada that it will affect less than 1 per cent of Canadians.
Prime Minister Justin Trudeau and his ministers have been touring the country in recent weeks to make a series of pre-budget announcements.
Those announcements add up to more than $38 billion in commitments over several years. Because $17 billion of those commitments include loan-based programs, about $21 billion could hit the government’s bottom line directly.
As much of the expenditure side of the budget is already public, it is likely that the focus on tomorrow’s budget will turn to how the government intends to pay for the new programmes.
Finance Minister Chrystia Freeland has ruled out tax increases on the middle class.
“We remain fully committed to being there for hard-working middle-class Canadians, and then we won’t raise taxes on them,” he said last week.
On the eve of Tuesday’s federal budget, sources have told Radio-Canada that it will include a tax increase for wealthy Canadians. It’s unclear exactly what it will be, but senior Liberal sources say it will affect less than one per cent of Canadians.
The Trudeau government has made tax changes targeting wealthier Canadians in the past.
In last year’s federal budget, the Liberals introduced significant changes to the alternative minimum tax rate. Those changes affected Canadians earning more than $300,000 a year.
The House of Commons finance committee has recommended that the federal government implement a random tax on companies in all sectors that generate “excess” profits during crises, as well as grocery giants, to fund another doubling of the refund GST.
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