Freeland's new federal budget hikes taxes on the rich to cover billions in new spending

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Finance Minister Chrystia Freeland's fourth budget delivers a big-ticket housing program for millennials and Generation Z voters — a multi-billion dollar commitment to be paid for in part with a tax hike on the rich and corporate Canada.

The Liberal government's preferred "fiscal anchor" — the budget benchmark that guides its decisions — has long been to keep the net debt-to-GDP ratio on a declining trend, with debt levels closely tracking the overall size of the economy.

The cost to finance Canada's growing debt pile — which has more than doubled over the last nine years to $1.4 trillion — is eating up more and more taxpayer dollars as the government is forced to refinance its borrowing at higher rates.

Public debt charges will cost $2 billion more this year than the forecast in November as the Bank of Canada keeps rates relatively high to tame inflation — which has shown signs of slowing down.

The government also has committed to maintaining the already well-subscribed tax-free savings account, extending mortgage amortization terms and increasing the RRSP withdrawal limit for some first-home buyers, among other measures.

As Ottawa moves to remake the housing landscape, roll out a national dental care program and launch pharmacare, Freeland's budget includes a number of targeted tax hikes that it says will yield some $21.9 billion in new revenue over the next five years.

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