Cape Breton Canso MP Mike Kelloway. Source: Anita Clemens Photography
Following the release of the Liberals 2024/25 budget Cape Breton-Canso MP Mike Kelloway is talking about how it will positively impact Nova Scotians.
“The investments we’re making nationwide in programs like dental care, or the Canada Disability Benefit or the programs to accelerate housing are all investments in people, and that’s what I want Nova Scotians to understand,” said Kelloway.
Kelloway says he understands concerns from opposition and Canadians on overspending, with this year’s budget projected to run a deficit of $39.8 billion but feels the budget balances those concerns.
“My approach has always been that you need to be fiscally responsible, but you can do two things at once,” said Kelloway. “You can be fiscally responsible and invest in people, it’s not like we’re taking this money and spending it on Laborghinis’ were investing it in Canadian people,”.
Kelloway also said the government is doing what it can to increase revenues without burdening those Canadians currently feeling the crunch from rising living costs, through the increases in capital gains taxes. “Capital gains is certainly one way we are trying reinvest and create balance in the system where the top 1 per cent will be contributing more to help pay for these programs,”.
The changes to capital gains taxes will make it so capital gains above $250,000 for individuals would be taxed at a rate of two-thirds, up from 50 per cent. The budget estimated that the change will impact 0.13 per cent of Canadians which works out to around 40,000 people.
Small Craft Harbour investment
While Kelloway believes many of the national programs supported by this year’s budget stand to benefit Nova Scotia, he says the $500 million investment in small craft harbours in particular will assist Canada’s ocean playground.
“My riding of Cape Breton-Canso is probably top 5 or top 3 in terms of the number of small craft harbours and lots of other Nova Scotian ridings are near the top, so going back in there with another $500 million will help boost these harbours that are economic drivers,” said Kelloway.
He says in many cases harbour authorities lack the capital to undertake the often very expensive upgrades and maintenance work needed to keep small craft harbours safe and operational so an investment. However, Kelloway feels the investment will pay off in the end noting that small craft harbours are the “hub engines of economies throughout Nova Scotia and Cape Breton,”.
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