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The federal government is unveiling $101.4 billion in new spending, aimed at both supporting the country through the third COVID-19 wave, and stimulating the economic recovery post-pandemic, in a historic budget presented by Deputy Prime Minister and Finance Minister Chrystia Freeland.
The federal government unveiled its long-awaited spring budget on Monday, with a focus on navigating taxpayers out of the third wave of the COVID-19 pandemic and embarking on the long road to economic recovery, with specific attention paid to the most vulnerable.
The federal budget proposes a new tax on luxury goods such as yachts, personal aircraft and cars. The tax would be applied to cars and personal aircraft that retail over $100,000; and boats for personal use that retail over $250,000.
The new federal budget announces the government’s intention to introduce a “new taxation framework” on vaping products, and to boost taxes on tobacco cigarettes, starting in 2022.
