Instant view: Canada unveils new taxes on wealthy in federal budget

17/04/2024

Canada’s Prime Minister Justin Trudeau speaks during a joint news conference with France’s Prime Minister Gabriel Attal (not pictured), in Ottawa, Ontario, Canada April 11, 2024. REUTERS/Blair Gable/File Photo

TORONTO (Reuters) – Canada on Tuesday revealed a new tax on wealthy individuals that will bring in billions of dollars over the next five years to help fund housing programs designed to win over a disgruntled voter base.

STORY:

COMMENTS

JIMMY JEAN, CHIEF ECONOMIST AT DESJARDINS GROUP

“We see meaningful risks that fiscal anchors end up being breached … We believe that lots of the bottom-line improvement being promised hinges on assumptions we consider to be optimistic on nominal GDP and new tax receipts. Similarly, the recently promised spending on housing-related infrastructure is only partly booked.”

(Reporting by Fergal Smith; Editing by by Denny Thomas)

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