OTTAWA, April 16 (Xinhua) -- With a scheduled national election 18 months away, Canada's Liberal government tabled its annual federal budget on Tuesday that features 348 billion U.S. dollars in spending this year with homebuilding incentives and higher taxes for the richest Canadians.

Building on its commitment to construct 3.87 million homes by 2031, the Canadian government allocated 6.1 billion dollars on housing, which includes plans to convert public land to build more affordable homes and allow 30-year mortgage amortizations for first-time homebuyers, according to the 2024 budget document entitled "Fairness for Every Generation."

"Budget 2024 announces the government's intention to increase the inclusion rate on capital gains realized annually above 250,000 dollars by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds, by amending the Income Tax Act, effective June 25, 2024," the budget reads.

Canada is also increasing its military spending. The budget proposes 5.9 billion dollars in "foundational investments over five years that will include replacing satellite communications equipment and acquiring new tactical helicopters, long-range missile capabilities for the Army, and airborne early warning aircraft."

Canada's defense spending-to-GDP ratio is expected to reach 1.76 percent by 2029-30, still less than the 2 percent target for member countries of the North Atlantic Treaty Organization. Enditem

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