Federal budget tabled
Finance Minister Chrystia Freeland delivered the Federal Budget this afternoon.
Today's budget was the first since the Russian invasion of Ukraine and the NDP's promise to support the Liberal Government in exchange for action on dental care and pharmacare.
The federal deficit is forecast at $113.8 billion for 2021-2022 and $52.8 billion for 2022-2023.
The budget includes a two-year ban on foreign purchases of non-recreational residential property. There will be some exemptions such as for refugees, international students, and work permit holders.
A new anti-flipping tax would treat profits on property held for less than 12 months as business income. There will be some exceptions.
Government is increasing defense spending by $8 billion over five years. The government will provide $875 million over the next five years to combat cyber threats.
Ukraine will receive $500 million in military aid.
Dental care will be added with a $5.3 billion price tag. Everyone who makes less than $90,000 per year will qualify by 2025.
Banks and insurance companies will be hit with a 1.5 percent increase to corporate tax on income above $100 million.
The federal government will table a Pharmacare bill that it hopes to pass by end of 2023.
The small business tax rate will be phased out at $50 million of taxable capital instead of $15 million.