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with higher deficits, higher spending and higher taxes on the country’s wealthiest people, as the Liberals revealed a spending plan designed for younger Canadians.
“We want their hard work to be rewarded, as it has been for us. We want them to look forward to the future with a sense of anticipation, not angst,” she said. The government will spend $480 billion next year including $54 billion in payments on the country’s debt. Among the new spending is more money for home building, including tax measures that allow first time buyers to take more money out of their RRSP for a down payment and to delay when they start repaying the money.
Freeland also announced new capital gains taxes, leveling higher taxes on capital gains for people who make more than $250,000 selling stock or property other than a person’s primary residence. Robert Asselin, a vice-president with the Business Council of Canada, said the amount of money the tax will bring is a clear indicator of the impact it will have on the broader economy.
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