Canada is set to increase spending by $52.9 billion over the next five years, as outlined by Finance Minister Chrystia Freeland. The new budget aims to tackle several key societal issues, with significant funds earmarked for housing, disability benefits, and youth mental health, among other areas. To finance this, the government plans to raise capital gains taxes on the wealthy and corporations, expecting to generate an additional $19 billion in revenue. Despite these efforts, the country faces a $40 billion deficit this fiscal year. Amid rising debt servicing costs, which now surpass healthcare spending, this budget represents a crucial step in addressing both long-term economic challenges and immediate social needs.
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