Carney’s Liberals are preparing to table a ‘big, bold’ budget today. Here’s what you should know
Budget will include billions in cuts and tax changes, source says
On the eve of the Carney government’s first federal budget, CBC’s Peter Armstrong and Catherine Cullen break down everything we know about what’s coming in the document — with one senior Canadian official saying it will include tax changes and tens of billions in cuts. Then, Desjardins Group deputy chief economist Randall Bartlett explains what he’ll look for to decide if the sizable deficit the Liberals have signalled will be an investment that pays off.
Hi everyone, I’m Sarah Petz, a writer with the live pages team in Toronto.
Today’s budget will include tens of billions of dollars in cuts and savings over the coming years, along with a change in the tax structure to promote competition, as the government stares down a trade war with the U.S. and a protracted cost of living crisis, a senior Canadian official told my colleagues in Ottawa.
As Catharine Tunney and Ashley Burke reported yesterday, the source — who spoke to CBC News on the condition they not be named since they were not authorized to speak about the budget before it’s public — said the changes to the tax structure are aimed at spurring growth and removing risks to invest in Canada.
The source would not provide any more details about what those changes could look like.
The source said there will also be updates to the capital cost allowance — an existing tax credit that businesses can use to write off depreciable property, such as buildings, machinery and vehicles.
