Canadian Finance Minister to Raise Taxes in Budget Speech

OTTAWA - Canadian Finance Minister Chrystia Freeland is likely to raise taxes and re-apportion money in her budget speech on Tuesday to fund billions of dollars of new schemes to maintain her fiscal guardrail, according to a source and analysis of government finances.A source aware of the contents of the budget speech told Reuters on Monday the Freeland budget document will reveal a way to tax the wealthiest people.

Meanwhile, in the last two weeks, his top ministers announced a flurry of measures from the budget, committing billions of dollars to tackle a housing crisis as his government tries to win back voters shifting loyalty to the opposition. One was to cap the fiscal deficit at C$40.1 billion in the 2023-24 fiscal year - at about 1.4% of GDP. Second, to lower debt as a share of GDP for the 2024-25 fiscal year relative to its November estimate and keep the ratio declining thereafter. And finally, to keep the deficit from exceeding 1% of GDP from 2026-27.

Freeland will also have to reallocate money to fund these schemes and still meet the fiscal anchors, he added.

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