Housing, corporation taxation: What the latest federal budget means for Calgary
Ottawa has unveiled its latest federal budget, which includes just over $39 billion of net new spending over the next six years.
Among the new spending:
- $1.5 billion to launch pharmacare;
- $6.1 billion for a new disability benefit; and
- $2.5 billion for a new carbon rebate that would benefit about 600,000 small businesses.
While there were rumours of a potential wealth tax to compensate for new spending, the government instead is increasing the tax rate on capital gains.
Feeling the impact will be 12.6 per cent of corporations.
"We're concerned about the level of taxation on corporations because it limits our ability to invest in innovation," said Ruhee Ismail-Teja, Calgary Chamber of Commerce vice-president of policy and external affairs.
"It limits our ability to invest in decarbonization, and it limits our ability to invest in the labour force and continue to hire."
Also new on Tuesday, a plan to unlock federal lands for homes.
Ottawa will lease property in Currie in Calgary to housing providers to build about 100 homes.
Going to Calgary through Ottawa's housing accelerator fund will be $228 million.
That money was previously pledged and is contingent on council passing rezoning rules, which will be discussed next week.
The mayor is happy with the housing money.
"This budget seems to be very focused on housing. And together with that, they seem to be interested in investing in the infrastructure that's needed for communities to grow," said Mayor Jyoti Gondek.
"Once again, there's no mention of having some sort of a better, more permanent solution to how the federal government funds municipalities."
The premier says it's a high-spending budget that doesn't help Albertans with affordability.
"It means higher debt, it means higher finance charges. They talk in the budget about generational fairness -- that's not fair, overspending today and saddling future generations with the burden of paying it back," Premier Danielle Smith said.
The province accuses Ottawa of pouring gasoline on the inflation crisis by overspending and over-regulating.
CTVNews.ca Top Stories
DEVELOPING Slovakia's populist prime minister shot in assassination attempt, shocking Europe before elections
Slovakia's populist prime minister, Robert Fico, was shot multiple times and gravely wounded Wednesday after a political event in an attempted assassination that shocked the small country and reverberated across Europe.
U.S. intelligence officials wanted to meet with Transport Canada's UFO 'lead'
Canada's transportation department had a UFO 'lead' who tried to 'quell' media interest and planned to meet with U.S. intelligence officials.
'Very expensive lunch': Sask. driver handed a cell phone ticket for using points app in McDonald's drive-thru
A warning from a Saskatoon driver about using your fast-food app while in the drive-thru line — a trip to get some free lunch cost him a lot more than he bargained for.
'The Fly' has become notorious in France after a brazen escape. What's his criminal history?
A prisoner nicknamed “The Fly” has become notorious in France overnight after a daring and bloody escape from a prison convoy in Normandy that left two guards dead.
Ontario's 'Crypto King' Aiden Pleterski arrested
Aiden Pleterski, the self-proclaimed 'crypto king' from Whitby, Ont., has been arrested in Durham Region after allegedly running a Ponzi scheme worth more than $40 million.
Barge hits a bridge in Texas, damaging the structure and causing an oil spill
A barge slammed into a bridge pillar in Galveston, Texas, on Wednesday, spilling oil into surrounding waters and closing the only road to a smaller and separate island that is home to a university, officials said. There were no immediate reports of injuries.
Person responsible for 1996 drugging of 'Titanic' crew likely not a local: Halifax police
Halifax Regional Police believe a non-resident could be responsible for the infamous drugging of numerous crew members of the 'Titanic' movie with a hallucinogenic in 1996.
Latest updates on the biggest wildfires burning in Canada
Thousands of people in Western Canada remain displaced from their homes as wildfires threaten their communities, triggering evacuation orders and alerts.
OPINION If you think you can’t focus for long, you’re right: Sandee LaMotte
Regaining your focus requires you to be mindful of how you are using technology -- a daunting task if you consider the average American spends at least 10 hours a day on screens.