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
Prince William and Kate release photo of daughter Charlotte to mark ninth birthday
Prince William and his wife Kate released a picture of their daughter Charlotte to mark the princess's ninth birthday on Thursday.
Weight-loss drug Wegovy available in Canada starting May 6
The makers of Ozempic say their weight-loss drug Wegovy will be available to patients in Canada starting Monday.
Five human skeletons, missing hands and feet, found outside house of Nazi leader Hermann Goring
Archeologists have unearthed the skeletons of five people, missing their hands and feet, at a former Nazi military base in Poland.
NEW A mother's hopes to free her son from a Syrian prison is revitalized by a new human rights report
Just days before the seventh anniversary of the day Jack Letts was thrown in prison with thousands of suspected ISIS fighters, his mother, Sally Lane, delivered a small stack of envelopes to the headquarters of Global Affairs Canada in Ottawa.
NEW Companies letting customers opt out of Mother's Day ads
In an effort to balance the profitability of Mother's Day with the pain it causes some people, some brands are offering customers the choice to opt out of Mother's Day email advertising.
DEVELOPING Police begin removing barricades at a pro-Palestinian demonstrators' encampment at UCLA
Police removed barricades and began dismantling a pro-Palestinian demonstrators’ fortified encampment early Thursday at the UCLA campus after hundreds of protesters defied police orders to leave, about 24 hours after counter-protesters attacked a tent encampment on the campus.
Dental care program accepting claims for 1 million seniors
Citizens' Services Minister Terry Beech says 1,200 seniors have already visited a dentist and had their claims processed by the federal government's new dental care plan.
Concerns about Plexiglass prompt inspections at some Loblaws locations in Ottawa
Inspections are underway at more than one Loblaws location in Ottawa after complaints were filed about tall Plexiglass barriers.
NEW Facial reconstruction reveals what a 40-something Neanderthal woman may have looked like
Scientists studying a Neanderthal woman's remains have painstakingly pieced together her skull from 200 bone fragments to understand what she may have looked like.