{"id":44579,"date":"2024-03-07T14:37:07","date_gmt":"2024-03-07T14:37:07","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/03\/07\/trudeaus-spring-budget-has-companies-worried-about-new-taxes\/"},"modified":"2024-03-07T14:37:07","modified_gmt":"2024-03-07T14:37:07","slug":"trudeaus-spring-budget-has-companies-worried-about-new-taxes","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/03\/07\/trudeaus-spring-budget-has-companies-worried-about-new-taxes\/","title":{"rendered":"Trudeau&#8217;s spring budget has companies worried about new taxes"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Corporate tax hike may be needed to keep deficit growth in check amid new government spending<\/p>\n<div class=\"article-meta\">\n<div class=\"wire-published-by\">\n<p class=\"visually-hidden\">Author of the article:<\/p>\n<p><\/p>\n<div class=\"wire-published-by__author-container\">\n<p>Bloomberg News<\/p>\n<p>Brian Platt, Erik Hertzberg and Laura Dhillon Kane<\/p>\n<\/div>\n<\/div>\n<p><span class=\"published-date__since\">Published Mar 07, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 6\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<\/p><\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=Lku6us_KDQOAin51YWXJ1A,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=IkkDwO9xSbPS1UXHR-lzgg 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=EI3PH5jbYAceV9lswjlhwg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=mWV_3AOFZYKRv08biTEmIQ 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=SLJrU-jqifutMyEI_V7pVQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=QsThLcho2mNHJ3PomFu44g 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=U42G5RxlPGkBgwBH-p5lSQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=SZQwCui_CmdH3QZxoDG9kQ 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=g2UbNf3pPeLT21qvCJIn9g,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=mUyr7QUMm8Rz-fN5ojxb5Q 2x\" type=\"image\/webp\"><img loading=\"lazy\" decoding=\"async\" alt=\"Finance Minister Chrystia Freeland can't afford to produce a budget that\u2019s seen as inflationary.\" class=\"featured-image__image type:primaryImage\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;sig=sJdD6Ci7VfXK6Mk9ckvwLQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;sig=sJdD6Ci7VfXK6Mk9ckvwLQ,&#10;                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/chrystia-freeland-budget.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;sig=V2WDrW6clN9ofMyw2jqvnQ 2x\" height=\"750\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Finance Minister Chrystia Freeland can&#8217;t afford to produce a budget that\u2019s seen as inflationary.<\/span> <span class=\"credit\">Photo by Justin Tang\/The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Finance Minister Chrystia Freeland\u2019s upcoming budget has some in Canada\u2019s business community concerned there will be tax increases to offset new government spending.<\/p>\n<p data-async=\"\">Freeland and Prime Minister Justin Trudeau will almost certainly bring in a package of tools to boost housing supply in the April 16 budget, according to people familiar with the government\u2019s plans, and may commit additional spending to industrial subsidies, defence, university research and drug plans.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment231212890000829229412316618948608\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" 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Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>So new measures to raise revenue will likely be needed if Freeland is to stick to her promise to keep deficits from growing, unless she opts to cut spending in other places. In November, the government projected annual deficits about $40 billion between 2023 and 2026 \u2014 but the country\u2019s fiscal watchdog has already raised doubts it will meet this year\u2019s target.<\/p>\n<p data-async=\"\">Trudeau and Freeland face political constraints, too. They can\u2019t afford to produce a budget that\u2019s seen as inflationary. The governing Liberal party is far behind Pierre Poilievre\u2019s Conservatives in opinion polls, and frustrations about the cost of living are a leading cause of those woes. The government wants interest rates to fall.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=FLuJz8lRinD_CFi1ZSVvkg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=bUEmurCmUVF5P1uwSwP51A 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=pqe_w0FwXdzCIhxgqX4ypw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=oVInjBf2A9ESDSBexny2kQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=eRddr_xDFcIM8G2_iTGfrQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=8ZAmA3dGtIYeOHxnKg5MhA 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=ko9mCRWboePdyRgzRla4tA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=RtaKJMaBNYdm4lVD1owXLQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=zgeli_VW941W9_Ts-1Z42A,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=pBzQhTsHiw4BwibDGIuu-w 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Liberals fall in polls\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=288&amp;sig=MAuzkdtUYFEDU26ohJJ82g\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=288&amp;sig=MAuzkdtUYFEDU26ohJJ82g,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=90&amp;strip=all&amp;w=576&amp;sig=WnnqXcSuA43Y2LSOeKVDtw 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/qw_Trudeau_Liberals_Fall_In_Poll.jpeg?quality=5&amp;strip=all&amp;w=100&amp;sig=Q1X7f5XGX5dMThOuDQRwjw\" height=\"649\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p data-async=\"\">Some business leaders are worried Freeland is considering hiking corporate taxes, such as a broad-based tax on profits of large companies. It\u2019s a tactic the government has used before: in 2022, Freeland levied a one-time tax on windfall profits by major banks and insurers, and last fall Trudeau threatened grocers with new taxes if they didn\u2019t help rein in food inflation.<\/p>\n<p>An excess profits tax would be favoured by the opposition New Democratic Party, which is propping up Trudeau\u2019s government in Parliament.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot17 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories4533092665409284857231525210488832\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Top Stories\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment5119956697788540029135366649806848\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cThe latest rumour in Ottawa is the government will try to solve its problem by introducing a new corporate tax \u2014 one that targets Canada\u2019s most successful companies,\u201d Goldy Hyder, chief executive officer of the Business Council of Canada, wrote in an editorial published in The Hub on March 6.<\/p>\n<p>Hyder said large businesses \u201chave become a popular punching bag for politicians,\u201d but warned that taxing profits would \u201cfurther discourage business investment in Canada and force successful Canadian companies to either constrain or cancel any growth plans.\u201d<\/p>\n<p>Freeland\u2019s office declined to comment on any potential tax measures in the budget.<\/p>\n<p>Still, Trudeau and Freeland may decide a battle with business over taxes is preferable to letting the deficit run higher. A loose fiscal policy risks giving pause to the central bank\u2019s rate-setting committee as it debates whether and when to start lowering borrowing costs.<\/p>\n<p>Some economists point out that government spending in recent years \u2014 including on COVID-19 emergency programs, which led to a record $328-billion federal deficit in the first year of the pandemic \u2014 has already complicated the central bank\u2019s job. Last year, Bank of Nova Scotia economists estimated that the combined spending of provincial and federal governments forced the Bank of Canada to add as much as 200 basis points of tightening.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment4168068752804282464825764195860480\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>On the other hand, drastically cutting spending now risks weakening an economy that\u2019s already struggling.<\/p>\n<p>\u201cNow that rates have gone up this much, I don\u2019t think it would be especially constructive to really slam the brakes on the fiscal side,\u201d said Doug Porter, chief economist with Bank of Montreal, adding that he\u2019d still \u201cheavily caution against spending a lot more at this stage.\u201d<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=zqyJvcqMAO0GKhI3zby5jw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=MAHnCJHPJiQgsCp89aYBqQ 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=wjUdIRDWBMpkaCVoKrL6Fg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=eg7cJNE6q9Img0ZlYC1cVg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=qhStBi3UvgFWwiq1poinsw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=Ejm3wO26pOr_2yry7-ukaA 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=zcsCZYPu94cSpZaa87e67g,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=ccK6rdcfJZJZO9ad1n0rFw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=N6OAuskfnRpbb3HExD1c5A,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=6Q26BlOAjMJsE45POSxuag 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"Treasury Board President Anita Anand.\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=i4D5hMue6xB6r3JsduSuoQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=i4D5hMue6xB6r3JsduSuoQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=90&amp;strip=all&amp;w=576&amp;sig=nB61vzluL0afPalgskLkZw 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/anita-anand-vw0307.jpg?quality=5&amp;strip=all&amp;w=100&amp;sig=7Jl3W_xD624R4pKZbYzL8w\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Treasury Board President Anita Anand.<\/span> <span class=\"credit\">Photo by Spencer Colby\/Postmedia<\/span><\/figcaption><\/figure>\n<p>The government will get some help from a spending review recently led by Treasury Board President Anita Anand, which she says \u201crefocused\u201d $10.5 billion in planned travel and consulting expenses over the next three years toward priorities such as housing, health care and the clean economy.<\/p>\n<p>Still, the spending estimates she introduced in Parliament project $449.2 billion in spending in the upcoming fiscal year \u2014 on top of anything to be announced in the spring budget. That\u2019s an increase of $16.3 billion, or 3.8 per cent, from the main estimates for the current fiscal year, which ends March 31.<\/p>\n<p>Anand rejected calls to cut spending. \u201cWe did not want to undermine services to Canadians,\u201d she said. \u201cWe\u2019re reallocating money that can be used for a higher purpose.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment5337018197110190580695996569747456\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Trudeau has taken some steps to reduce inflationary pressures. After a record surge in international students, Immigration Minister Marc Miller set a cap on the number of study permits \u2014 cutting them 35 per cent relative to those issued in the previous year. That\u2019s expected to ease pressure on rental costs, which rose 6.5 per cent last year.<\/p>\n<section aria-labelledby=\"moreTopicLabel7735286975354671328905259556798464\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" budget=\"\" set=\"\" for=\"\" april=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Deputy Prime Minister and Minister of Finance Chrystia Freeland said Monday that the federal budget will be presented on April 16. &#10;\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/federal-budget-0304-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=SoLCtg08DuV_gB_wrkOLag\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/federal-budget-0304-ph.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=Je-N-2B2JaVydmZ5ZEiH3A\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/federal-budget-0304-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=SoLCtg08DuV_gB_wrkOLag, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/federal-budget-0304-ph.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=zMoq33Ghf0nqpUyHYvnoNg 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/federal-budget-0304-ph.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=IAQsAeWzdvXdqlkfFyVwig 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Federal budget set for April 16<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" boats=\"\" be=\"\" the=\"\" answer=\"\" to=\"\" canada=\"\" affordable=\"\" housing=\"\" crisis=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"A marina in B.C. that is home to many people who live on their boats full time.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/boats-vw0307.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=Z9fHyqolR8WiEDpruejsjQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/boats-vw0307.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=7EvLe7MUvD-CC5c3o397Sw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/boats-vw0307.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=Z9fHyqolR8WiEDpruejsjQ, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/boats-vw0307.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=wa99HsYqxZ3f3neOGII4Hw 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/03\/boats-vw0307.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=PfoLG4A4AVf9L2SydVxU-w 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Could boats be the answer to Canada&#8217;s affordable housing crisis?<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" government=\"\" likely=\"\" to=\"\" miss=\"\" canada=\"\" fiscal=\"\" goal=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Finance Minister Chrystia Freeland and the World Economic Forum in Davos, Switzerland, on Jan. 18.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/Chrystia-Freeland-vw0122.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=ZVhD8KP5nUTfRrEFdcotdw\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/Chrystia-Freeland-vw0122.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=PSMUbq4QTNHasJ1tYtYUSA\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/Chrystia-Freeland-vw0122.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=ZVhD8KP5nUTfRrEFdcotdw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/Chrystia-Freeland-vw0122.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=ATl7yg0zbIgyOlDViZpt0g 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/Chrystia-Freeland-vw0122.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=suCY9Z89FWVDEAvkjaBGXA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Trudeau government likely to miss Canada\u2019s fiscal goal<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">There\u2019s also some inflation risk attached to the budget plans of provincial governments, which are planning to ramp up spending. British Columbia recently projected its budget deficit will widen by a third to a record $7.91 billion in the coming fiscal year.<\/p>\n<p>\u201cI think there are some question marks about how much fiscal restraint or stimulus there will be at the provincial level,\u201d said Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce.<\/p>\n<p><em>\u2014 With assistance from Jay Zhao-Murray.<\/em><\/p>\n<p data-async=\"\"><em>Bloomberg.com<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Trudeau&#8217;s spring budget has companies worried about new taxes<\/a><br \/>\n<br \/>2024-03-07 14:37:07<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Corporate tax hike may be needed to keep deficit growth in check amid new government spending Author of the article: Bloomberg News Brian Platt, Erik&#8230;<\/p>\n","protected":false},"author":2,"featured_media":44580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-44579","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/44579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=44579"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/44579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/44580"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=44579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=44579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=44579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}