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
Feels like mid-30s in parts of Canada, while other areas expecting snow
Anything is possible this week, as far as Canada's weather is concerned, with forecasts ranging from scorching heat in some parts of the country to rain and snow in others.
BREAKING Canada's inflation cools to 3-year low of 2.7%, in boost for rate cut bets
Canada's annual inflation rate slowed to a three-year low of 2.7 per cent in April, matching expectations, and core measures continued to ease, data showed on Tuesday, likely boosting chances of a June interest rate cut.
Passenger killed, 30 injured as Singapore Airlines flight hits severe turbulence
One passenger was killed and 30 injured after a Singapore Airlines SIAL.SI flight from London hit severe turbulence en route on Tuesday, forcing it to make an emergency landing in Bangkok, officials and the airline said.
Independent stores and grocery alternatives see sales boost amid Loblaw boycott
As the month-long boycott of Loblaw-owned stores wears on, small independent food retailers and alternative grocery options say they're seeing a boost in traffic and sales.
What is BORG drinking, and why is it a dangerous trend? An expert explains
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
4 Indian nationals accused of killing B.C. Sikh activist to appear in court Tuesday
Four Indian nationals accused in the murder of British Columbia Sikh activist Hardeep Singh Nijjar are all due in court Tuesday.
How to check the Air Quality Health Index and assess your health risks
As we enter another wildfire season, Environment and Climate Change Canada is advising people to pay attention to air pollution levels and check the Air Quality Health Index – especially on smoky days.
Cardinal Lacroix cleared after investigation ordered by the Pope
The Vatican has announced that the investigation it commissioned into allegations of sexual touching against Cardinal Gerald Cyprien Lacroix did not confirm any act constituting misconduct or abuse on the part of the Vatican.
Trudeau making 'Team Canada' pitch in visit to Philadelphia
Prime Minister Justin Trudeau is in Philadelphia today, on his first trip south of the border since his government launched a new 'Team Canada' charm offensive in the United States.