Canada budget to hike capital gains taxes, sees deficit forecast this year unchanged

• Sees deficit of $40 billion in 2024/25 fiscal year vs $40 previously
• Next year deficit at $39.8B vs $38.4B prior
• Sees federal debt-to-GDP ratio of 41.5% in 2023/24, falling to 39% by the end of the decade
• Inclusion rate on capital gains for individuals and corporations will rise to two-thirds from half (on income above $250K)
• Sees real GDP Growth of 0.7% in 2024 and 2.2% in 2025
• Sees $53 billion in spending over next 5 years

There were rumors of some kind of corporate tax hike or windfall tax but that hasn’t been included. The Canadian dollar appears to be indifferent.

This article was written by Adam Button at www.forexlive.com.