It’s budget day today. (Thursday)
The federal government will bring down its fiscal document this afternoon.
Kenora MP Eric Melillo says with the inflation rate, the last thing we need are new taxes.
“We are expecting to see higher taxes. We are expecting to see more spending. We are hoping that’s not the case. With the cost of living right now we are hoping that the government isn’t going to implement any new taxes in the budget.”
Melillo says the Parliamentary Budget Officer suggests further stimulus spending due to COVID-19 is no longer needed, and he hopes the budget reflects that.
He’s hoping the government moves on and gets back on a strong fiscal track.
Conservative Finance Critic Ed Fast says, “I am very concerned that the NDP will be pulling the Liberal government far to the left and in the process will leave millions of Canadians struggling to get back into the middle class.”
Fast wants spending reigned in and a target for when the finances will be balanced.
There are reports the fiscal document will contain measures addressing housing (up to $10 billion), boosting the sale of electric vehicles and increased military spending (up to $8 billion).
Prime Minister Justin Trudeau says they are also focused on reducing the debt.
“We are making sure that we continue to be fiscally responsible. We will continue to present that track of a declining debt-to-GDP because it matters to Canadians.”
The government in December projected a deficit of just over 58 billion dollars for the next fiscal year.
Other expected highlights include banning overseas home buyers and taxing big companies.
A tax free savings account for first time home buyers will give Canucks under 40 the chance to save upwards of $40,000 for their first home.
Another housing measure will be to ban foreigner buyers from scooping up residential properties in the country for the next two years.
And it looks like corporate businesses will have to share their pandemic wealth.
Large chartered banks, and insurance companies will see their corporate taxes increased in this budget.
(With files from Tim Davidson, Randy Thoms and Katie Nicholls)
