Tuesday’s federal budget offers a glimpse into how dozens of government departments plan to rein in spending following this summer’s comprehensive expenditure review.
The review aimed to find “ambitious savings” of up to 15 per cent over three years. The results were included with the budget, which still needs to pass a confidence vote.
(Full department listing in the article.)
CRA: $4.1B
The Canada Revenue Agency (CRA) is closing down some programs including the Digital Services Tax, Federal Fuel Charge and Canada Carbon Rebate.
The budget also proposes to eliminate “the inefficient Underused Housing Tax” and luxury tax on aircraft and vessels, which CRA says will help save administration costs.
Seems that rich people are the winners here. 🙄
If the income from a luxury tax isn’t covering the administration costs, then it sounds like the tax should be increased to cover costs, not cut.
Eh… Even better to tax wealth or increase income taxes at higher tax brackets.
It’s a shame that the Liberals backed off increasing capital gains inclusion above $10K (iirc?) to ⅔ instead of ½. That would have made a big difference on its own, and the cost to implement that change would be very low, presumably—people are already responsible for calculating their capital gains; this would just make it a 3-step calculation instead of a 2-step calculation.
I like how much of it is “save on office space.” In other words, let’s embrace cost savings inherent in remote work and let the office space get used by a company or for housing or anything that’s not sitting and taking zoom meetings.
Pretty easy win, despite Ford’s complaints.