The federal budget is being released right now, and it's looking to level the playing field for young home buyers and entrepreneurs.
One of the biggest factors contributing to this is an increase in taxes on capital gains for Canada's top earners, which is projected to pull 19.3 billion dollars in revenue over the next five years.
This new tax would target the wealthiest .13% of Canadian taxpayers as well as corporations and trusts that make over a certain amount.
This change would go into place as of June 25th of this year. Notably, it would not impact 99.87% of Canadians.
Roughly $25 billion has been slated for housing, $2 billion for a national school food program, and a deficit projection of $39.8 billion moving into next year.
Overall, the 2024 federal budget includes $52.9 billion in new spending plans – some of which is loan-based and reliant on provincial buy-in – as well as an estimated $18.1 billion in new tax revenue.
