The Canadian Taxpayers Federation (CTF) criticized the $497 billion federal budget introduced by Finance Minister Chrystia Freeland “for raising taxes and running deficits indefinitely.”. Chrystia Freeland Budget 2023 .“This budget is giving taxpayers big deficits, more money wasted on interest charges, and higher taxes,” said CTF federal director Franco Terrazzano. .“This government doesn’t care about fiscal prudence or helping taxpayers.”.In 2023, the deficit will reach approximately $40 billion, about $10 billion higher than the Trudeau government forecasted in the fiscal update, with no plan on how to balance the budget..The CTF points out the Trudeau “government overspent its own 2022 budget by $18 billion.”.The Trudeau government promised to find $3.95 billion in savings for 2023, but total spending increased by another $20 billion to $490.5 billion..READ MORE Federal budget spends $497 billion, focused on clean tech, healthcare, affordability, dental care.“If you’re spending more money, you’re doing a bad job of finding savings,” said Terrazzano..By the end of 2023, the total federal debt will reach $1.2 trillion, costing taxpayers almost $44 billion in interest..In 2027, the interest charges will reach $50 billion, according to the CTF..On April 1, the carbon tax will increase to 14 cents per litre of gasoline and 12 cents per cubic metre of natural gas. The federal alcohol taxes will increase by 2%..The budget includes a share buybacks tax, a dividends tax on financial institutions, higher taxes on the top earners, and intergenerational business transfers..There are no broad-based tax cuts, just a one-time GST rebate..“Giving a few families back some of their GST money back is really just an admission there’s a problem without looking for a serious solution,” said Terrazzano. .“Taxpayers need real tax relief.”.READ MORE Poilievre responds to ‘Minister of Inflation’ record spending $497 billion federal budget.Prime Minister Justin Trudeau said he would balance the budget in 2019 after running a few “modest” deficits..Even before the COVID-19 pandemic, “Trudeau was set to miss that balanced budget by $20 billion.”.The projected $4.5 billion surplus in 2027 from the most recent fiscal update is now projected in the 2023 budget to be a $14 billion deficit.
The Canadian Taxpayers Federation (CTF) criticized the $497 billion federal budget introduced by Finance Minister Chrystia Freeland “for raising taxes and running deficits indefinitely.”. Chrystia Freeland Budget 2023 .“This budget is giving taxpayers big deficits, more money wasted on interest charges, and higher taxes,” said CTF federal director Franco Terrazzano. .“This government doesn’t care about fiscal prudence or helping taxpayers.”.In 2023, the deficit will reach approximately $40 billion, about $10 billion higher than the Trudeau government forecasted in the fiscal update, with no plan on how to balance the budget..The CTF points out the Trudeau “government overspent its own 2022 budget by $18 billion.”.The Trudeau government promised to find $3.95 billion in savings for 2023, but total spending increased by another $20 billion to $490.5 billion..READ MORE Federal budget spends $497 billion, focused on clean tech, healthcare, affordability, dental care.“If you’re spending more money, you’re doing a bad job of finding savings,” said Terrazzano..By the end of 2023, the total federal debt will reach $1.2 trillion, costing taxpayers almost $44 billion in interest..In 2027, the interest charges will reach $50 billion, according to the CTF..On April 1, the carbon tax will increase to 14 cents per litre of gasoline and 12 cents per cubic metre of natural gas. The federal alcohol taxes will increase by 2%..The budget includes a share buybacks tax, a dividends tax on financial institutions, higher taxes on the top earners, and intergenerational business transfers..There are no broad-based tax cuts, just a one-time GST rebate..“Giving a few families back some of their GST money back is really just an admission there’s a problem without looking for a serious solution,” said Terrazzano. .“Taxpayers need real tax relief.”.READ MORE Poilievre responds to ‘Minister of Inflation’ record spending $497 billion federal budget.Prime Minister Justin Trudeau said he would balance the budget in 2019 after running a few “modest” deficits..Even before the COVID-19 pandemic, “Trudeau was set to miss that balanced budget by $20 billion.”.The projected $4.5 billion surplus in 2027 from the most recent fiscal update is now projected in the 2023 budget to be a $14 billion deficit.
