Finance Minister and Deputy Prime Minister Chrystia Freeland said this year’s federal budget will pave the way for Canada to build more homes at a pace not seen since the Second World War. The new investment and changes to funding models will also cut through red tape and break down zoning barriers for people who want to build homes faster, she said
Ottawa to spend $52.9 billion more than planned over the next five years.
Finance Minister Chrystia Freeland projects Ottawa will post a $40 billion deficit this fiscal year.
The budget includes $8.5 billion in new spending for housing.
Other major budget items include a $6 billion Canada Disability Benefit, a $1 billion national school food program and a $500-million fund for youth mental health.
Freeland will hike capital gain taxes paid by the rich and corporations to collect an estimated $19 billion in new revenue.
The cost to service the growing national debt has increased substantially — it’s now about $2 billion more than it was projected to be just a few months ago.
The government will spend more on servicing its debt than on health care this year.