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Canada’s Finance Minister Chrystia Freeland has presented a new government budget to lawmakers – Copyright AFP\/File Fabrice COFFRINI<\/small><\/em><\/p>\nMichel COMTE<\/em><\/p>\nThe government of Canadian Prime Minister Justin Trudeau on Tuesday unveiled a federal budget that seeks to woo young voters while asking the wealthy to pay higher taxes.<\/p>\n
Trailing his main rival, conservative leader Pierre Poilievre, by more than 10 points, Trudeau must rally support from the millennials and Gen Z voters who propelled him to power in 2015 in order to win elections expected next year.<\/p>\n
At the same time, Finance Minister Chrystia Freeland has promised not to swell the nation\u2019s budget deficit while doling out tens of billions of dollars in additional social spending to help ease concerns about rising costs of living.\u00a0<\/p>\n
Most of the new spending is directed at education, housing and jobs \u2014 all pressure points for young voters.\u00a0<\/p>\n
\u201cFor too many younger Canadians, particularly millennials and Gen Z, it feels like their hard work isn\u2019t paying off,\u201d Freeland said in the budget document.<\/p>\n
\u201cThey\u2019re not getting the same deal their parents and grandparents did,\u201d she said, adding: \u201cWe must restore a fair chance for millennials and Gen Z.\u201d<\/p>\n
\u2013 New homes, rent subsidies \u2013<\/p>\n
Specifically, millennials and so-called Zoomers could benefit from extended student grants and loans, rent subsidies, a boost to work placement and summer jobs programs, a new youth mental health fund, and hep improving their coding skills.<\/p>\n
The Liberal government also pledged amid a housing crunch to build an additional 3.87 million new homes by 2031 \u201cat a pace and scale not seen since after the Second World War,\u201d Freeland said.<\/p>\n
To do this, Ottawa will open up public lands for housing, convert federal offices to apartments, tax vacant properties and scale up modular housing.<\/p>\n
New home prices fell slightly in March but not enough to offset a jump in mortgage interest costs that has sidelined many would-be first-time buyers.<\/p>\n
Inflation came down from a recent high to 2.9 percent in the month, but it is still too high to bring relief in interest rates set by the Bank of Canada.<\/p>\n
Nevertheless, Canada is expecting a \u201csoft landing\u201d this year and will avoid a recession due to slightly improved growth despite relatively high interest rates weighing on the economy, the budget said.\u00a0<\/p>\n
Economists surveyed by the government \u201cexpect the economy to avoid a recession,\u201d it said, forecasting growth of 0.7 percent this year and 1.9 percent in 2025 \u2014 compared to 0.5 percent and 2.2 percent forecast in a November economic statement.<\/p>\n
To help offset the boost in social spending, the\u00a0budget calls for increased capital gains taxes on the wealthiest Canadians.<\/p>\n
\u201cToday, it is possible for a carpenter or a nurse to pay tax at a higher marginal rate than a multi-millionaire,\u201d Freeland told lawmakers. \u201cThat isn\u2019t fair.\u201d<\/p>\n
Small businesses meanwhile will gain a carbon tax rebate, and funds were made available for artificial intelligence research and startups.<\/p>\n
Ahead of an expected catastrophic summer wildfire season, Ottawa is also doubling a volunteer firefighter tax credit.<\/p>\n
In the budget, funding was also earmarked for a national school food program, free contraceptives for women, enhancing Canada\u2019s spy agency capabilities to combat foreign interference, more foreign aid, and restoring roads to remote Indigenous communities damaged by climate change.<\/p>\n
Freeland reported in the budget that the national debt will increase slightly to a new record high of Can$1.3 trillion in fiscal 2024-2025.<\/p>\n
Canada\u2019s debt-to-GDP ratio is expected to fall to 41.9 percent.<\/p>\n
The deficit, meanwhile, is expected to come in a bit lower than originally expected to Can$39.8 billion, and remain stable before starting to fall in 2026-2027.<\/p>\n<\/p><\/div>\n
Canada budget woos young voters, asks rich to pay more
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#Canada #budget #woos #young #voters #asks #rich #pay<\/p>\n","protected":false},"excerpt":{"rendered":"
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