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
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.