Previous talk of wealth taxes are still on the table with the statement saying that there has not been a substantial review of the Alternative Minimum Tax since 1986.
A detailed proposal for how to ensure the wealthiest Canadians pay their fair share of tax will be announced in Budget 2023.
“The finance minister is signaling constraint in the update, but the taps are hardly closed with more than $23+ bn set to reach pocketbooks in the coming quarters once provincial affordability measures are folded in,” wrote Scotiabank economist Rebekah Young.
She added that the government would leave a bigger focus on growth until Budget 2023.
“That may come back to bite the government in the event of a sharper downturn, when support may be needed, but not necessarily in the places it is being directed today. And a tax-and-spend approach starts to stutter,” she said.
