Experts predict tax hikes in budget as Trudeau government stretches to pay for its promises
Prime Minister Justin Trudeau and key ministers have been on a pre-budget announcement circuit, making promises worth more than $38 billion so far. The CBC’s Karina Roman reports that with a pledge from Finance Minister Chrystia Freeland not to increase the deficit, many experts say tax increases are inevitable to pay for the new spending initiatives. But James Thorne, chief capital market strategist for Wellington Altus Private Wealth, warned that a tax on high-income Canadians would only prompt them to move their money off-shore.
