Toronto/CMEDIA: Canada’s Finance Minister Chrystia Freeland has reportedly ruled out raising taxes on Canada’s middle class in the upcoming federal budget to be unveiled on Apr 16.
But she did not reveal Carada’s corporations or the wealthy are included in the same category.
During Tuesday’s news conference about the prospect of new taxes on corporate Canada, and the wealthy, Freeland has emphasized the “urgent” need to invest in things that are important to Canadians, such as housing and artificial intelligence.
Earlier Freeland has said that she would honour the new fiscal policies announced in the fall, including keeping the federal deficit below $40.1 billion but insisted that higher taxes on the middle class will not be levied.
“We remain absolutely committed to being there for hardworking middle-class Canadians, and then we won’t raise taxes on them,” she said.
Nevertheless, Freeland continued to say that Liberals were confident in balancing this new spending to remain fiscally responsible and not inflationary without offering indications about where additional revenue may come from,
Canada’s Prime Minister Justin Trudeau having already made similar commitments, Liberals are reportedly concerned how they will pay for a recent raft of policy proposals, including a national school food program in the federal budget to be delivered April 16.
House of Commons finance committee has recommended to the federal government to fund another doubling of the GST rebate by implementing a windfall tax on companies in all sectors which generate large profits during crises, as well as grocery giants.
When asked why the federal government has opted to publicize measures in the budget ahead of its official release, Freeland said the government needs to explain its actions to Canadians.
“Very often, on budget day…Laying out our plan step-by-step, day-by-day is an opportunity for Canadians to hear…what it is we’re doing…thorough reason (and) fact-based debate about a number of the measures…that’s a really good thing,” said Freeland.
