Canadian Budget Increases Its NATO-Related Spending

April 17, 2024 Hour: 4:20 pm

On Tuesday, Chrystia Freeland, Canada’s Finance Minister and Deputy Prime Minister, presented the budget for the 2024-2025 fiscal year.

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To address the serious housing crisis in her country, it proposes increasing taxes on the wealthiest citizens, which would make housing more affordable for the population.

“Budget 2024 renews our focus on opening up access to the middle class for millions of young Canadians. We will build more homes and help lower the cost of living. We will drive our economy toward growth that improves everyone,” Freeland said.

The new budget, which includes a provision for US$13.7 billion to promote housing construction, contemplates building 3.87 million homes by 2031.

Canada, Out of NATO!

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The “Fairness for Every Generation” document also plans to convert public land to build more affordable homes and allow 30-year mortgage amortizations for first-time homebuyers.

“Budget 2024 announces the government’s intention to increase the inclusion rate on capital gains realized annually above 250,000 dollars by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds, by amending the Income Tax Act, effective June 25, 2024,” it reads.

The “Fairness for Every Generation” budget, however, also includes an increase of 10.7 billion Canadian dollars for military spending related to the North Atlantic Treaty Organization (NATO). This has been immediately criticized by progressive media.

“The government announced it was increasing military spending to $58 billion annually by 2029. This means that Canada’s military budget will rise from 1.29 percent of GDP to 1.76 percent and is in direct response to NATO’s demand that its members spend 2 percent of GDP on armaments,” the People’s Voice recalled.

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