Alberta Treasury Board President and Finance Minister Nate Horner said the Canadian government’s latest budget “has poured gasoline on the inflation crisis in Canada.” The main reason Horner said the Canadian government has fuelled the inflation crisis is from the carbon tax. “Federal finances are deteriorating, and there’s a complete lack of plan to return to balance,” said Horner at a Tuesday press conference. “This budget overspends, overtaxes, overregulates, and will harm productivity, affordability, and economic growth.” In the short term, he said there are no adequate measures to address the affordability crisis. Former Bank of Canada governor David Dodge said Budget 2024 would be the worst one since Budget 1982. The treasury board president and finance minister went on to say Dodge was right. Bank of Canada Governor Tiff Macklem said government spending is getting in the way of bringing inflation back to target. While the theme for Budget 2024 was intergenerational fairness, Horner said the Canadian government was saddling younger generations with the tenth consecutive deficit and increased debt levels. He condemned the future carbon tax hike, saying it will drive up prices for groceries, goods, and services. This is because increased costs will be passed on to people. As Canada grapples with an affordability crisis, he accused the federal government of making it worse. Horner continued by saying the Canadian government has failed to take action on critical issues such as slow economic growth and financial pressures people are facing. He said Budget 2024 was a missed opportunity to address these issues. By increasing various taxes, he predicted it will worsen productivity. He added the deficit shows the Canadian government lacks a plan to address the affordability crisis. While the Canadian government is running a deficit, Alberta was one of two provinces not to have one this year. He said its economic projections are painting a rosier picture, especially with changes to the tax code. Six weeks ago, he said he tabled Budget 2024, which addresses Alberta’s population growth and is balanced. The Canadian government’s plan is to increase debt and raise taxes. In a country beset by many challenges, Horner said Alberta “remains a bright beacon of responsibility and sanity.” Horner followed up by saying it would be helpful if there was a legitimate path to balance. “A lot of what this budget shows is they’re masking a lot of their spending intentions with the new tax increase,” he said. “What I would like to see is a legitimate path.” For the Canadian government to have a legitimate path, he said it should be one offering a proper vision for the next five years. He pointed out there were many places it could have cut spending. Deputy Prime Minister and Finance Minister Chrystia Freeland introduced Budget 2024 on Tuesday, with Canadian corporations paying more tax and people earning than $250,000 in capital gains expected to pay more. READ MORE: UPDATED: Budget 2024 sees tax increases on corporations, capital gains of over $250,000Canadians earning more than $250,000 will have to pay taxes from one-half to two-thirds. The Canadian government estimated that will involve 0.13% of the population.The capital gains tax increase will all affect companies and trusts, which is expected to impact about 12% of Canada’s corporations and those with an average income of $1.42 million.
Alberta Treasury Board President and Finance Minister Nate Horner said the Canadian government’s latest budget “has poured gasoline on the inflation crisis in Canada.” The main reason Horner said the Canadian government has fuelled the inflation crisis is from the carbon tax. “Federal finances are deteriorating, and there’s a complete lack of plan to return to balance,” said Horner at a Tuesday press conference. “This budget overspends, overtaxes, overregulates, and will harm productivity, affordability, and economic growth.” In the short term, he said there are no adequate measures to address the affordability crisis. Former Bank of Canada governor David Dodge said Budget 2024 would be the worst one since Budget 1982. The treasury board president and finance minister went on to say Dodge was right. Bank of Canada Governor Tiff Macklem said government spending is getting in the way of bringing inflation back to target. While the theme for Budget 2024 was intergenerational fairness, Horner said the Canadian government was saddling younger generations with the tenth consecutive deficit and increased debt levels. He condemned the future carbon tax hike, saying it will drive up prices for groceries, goods, and services. This is because increased costs will be passed on to people. As Canada grapples with an affordability crisis, he accused the federal government of making it worse. Horner continued by saying the Canadian government has failed to take action on critical issues such as slow economic growth and financial pressures people are facing. He said Budget 2024 was a missed opportunity to address these issues. By increasing various taxes, he predicted it will worsen productivity. He added the deficit shows the Canadian government lacks a plan to address the affordability crisis. While the Canadian government is running a deficit, Alberta was one of two provinces not to have one this year. He said its economic projections are painting a rosier picture, especially with changes to the tax code. Six weeks ago, he said he tabled Budget 2024, which addresses Alberta’s population growth and is balanced. The Canadian government’s plan is to increase debt and raise taxes. In a country beset by many challenges, Horner said Alberta “remains a bright beacon of responsibility and sanity.” Horner followed up by saying it would be helpful if there was a legitimate path to balance. “A lot of what this budget shows is they’re masking a lot of their spending intentions with the new tax increase,” he said. “What I would like to see is a legitimate path.” For the Canadian government to have a legitimate path, he said it should be one offering a proper vision for the next five years. He pointed out there were many places it could have cut spending. Deputy Prime Minister and Finance Minister Chrystia Freeland introduced Budget 2024 on Tuesday, with Canadian corporations paying more tax and people earning than $250,000 in capital gains expected to pay more. READ MORE: UPDATED: Budget 2024 sees tax increases on corporations, capital gains of over $250,000Canadians earning more than $250,000 will have to pay taxes from one-half to two-thirds. The Canadian government estimated that will involve 0.13% of the population.The capital gains tax increase will all affect companies and trusts, which is expected to impact about 12% of Canada’s corporations and those with an average income of $1.42 million.
