Morning Update: Ottawa raises capital-gains tax to fund budget’s billions in new spending

Good morning,The Liberal government announced the first change to capital-gains taxes in 25 years to support billions in new spending when it unveiled its budget yesterday. The 2024 federal budget lays out about $53-billion in new spending over five years, and is expected to court younger voters with $19-billion going toward a package of housing and affordability policies. Other big-ticket items in the budget include $10.7-billion for defence, $9.1-billion for Indigenous communities and $6.4-billion for community health and safety measures.

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