HomeEconomy“It’s going to be a tough year,” Trudeau warns of bumpy economy...

“It’s going to be a tough year,” Trudeau warns of bumpy economy for 2023

After already experiencing a tough economic year in 2022, Canadians are heading in to a second tough year of economic challenges.

As the year comes to an end the Trudeau Liberal government plans to raise taxes. In 2023 Canadians will begin to pay more payroll taxes on their income and two separate carbon taxes.

Earlier this year Justin Trudeau warned Canadians of food shortages and now Canada is heading into its second year and fears of a recession continue growing, 2023 is going to be “tough” Prime Minister Justin Trudeau warns Canadians.

Regarding the bleak economic outlook for 2023, Trudeau was questioned during a year-end interview with Global News. The prime minister said,  “Next year is going to be tough, too. It’s going to be a tough year.”

“The coming winter is going to be tough for people, and that’s where we need to continue to pull together.”

Trudeau said his government will be providing help to struggling Canadians with “direct supports” such as the GST rebate, dental care and rental support.

While the government gives with one hand the government takes with the other, critics of the government points out the feds are increasing taxes next year that will be siphoning more money of Canadians wallets that are already struggling from the inflation crisis

The Canadian Federation of Independent Business has issued a warning that anticipated payroll tax increases in 2023 will result in $305 less take-home income for every Canadian on January 1st.

The premiums for the Canada Pension Plan will increase by 7.3% on January 1; this might result in an additional $255 in employee payments. Employment Insurance premiums will rise by 5.2% on the same day.

Additionally the Trudeau government carbon tax scheme is set to increase in 2023.

With the planned increase Trudeau divides Quebec from the rest of Canada and cut a “special deal” on carbon taxes with Quebec while the rest of the country forced to pay an increase of 14 cents per litre of gas by next year, according to Canadian Taxpayers Federation.

When 2030 rolls around and the, Quebec will still enjoy the special treatment while the rest of Canada will need to raise carbon tax on fuel to 37 cents per litre.

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Jordan is a casual reporter for BC Rise


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