While selectively rolling out elements targeting the Millennial and Gen Z generations, Deputy Prime Minister and Finance Minister Chrystia Freeland did not clarify whether next week's federal budget could include higher taxes on Canadian corporations or major grocery stores.

While promoting the latest $500 million pre-budget pledge on Tuesday, Freeland faced questions from reporters about how the Liberals plan to finance what has now accumulated to more than $35 billion in new funds and loans promised to be included in the 2024 federal budget.

Prime Minister Justin Trudeau ruled out tax increases on the middle class, referring to the tax cut approved by the Liberals in 2015 for the middle class.

This commitment came after Family Minister Jenna Sudds backtracked from saying there would be "no new taxes" to saying Canadians would have to "look at the budget" when pressed if that meant that the Liberals ruled out wealth or excess profits taxes.

When Freeland was asked on Tuesday whether there would be new or higher taxes on the wealthiest Canadians or Canadian businesses, she did not answer directly.

She said, "This is what I will say about the financial picture in the budget, we recognize there is an urgent need today to invest in Canada and Canadians, and we particularly recognize that we are at a really pivotal moment for young Canadians... this is something we must do something about, and that requires investments, we are making them."

"We are fully committed to making these investments within a framework of fiscal responsibility, and we will."

In a follow-up question, Freeland was asked about the New Democratic Party proposal, supported by the Liberals, which was introduced in the House Finance Committee calling on the government to apply an excess profits tax on large grocery companies, and whether that was on the table for this budget.

The Finance Minister responded, "I have been clear about the direction of our government in my previous answer. So we really believe that now is the moment to make investments and we will do that, because Canada needs those investments, especially young Canadians, “we need to make these investments.”

Freeland went on to say that the Liberals still believe in balancing this new spending to remain fiscally responsible and not inflationary, but they do not provide any indications about the source of additional revenue other than insisting it will not be at the expense of "hard-working middle-class Canadians."

In an interview on CTV News Channel with Vassy Kapelos on Monday, Parliamentary Budget Officer Yves Giroux said, based on his calculations, if the Liberals are looking to apply a wealth tax, it would be "very sensitive," given how easy it is, as these assets can be moved out of Canada.

As for the excess profits tax on corporations, Giroux said the Liberals would have to define what they consider normal profits and face the risk of investors moving to other sectors less likely to be targeted by excess profit taxes.

Responding to a question about why the government chooses to pre-announce certain elements in the budget before presenting it, Freeland said she believes they "owe Canadians an explanation of what our government is doing to address the current challenges facing the country."

Freeland will present the 2024 federal budget in the House of Commons in a week’s time.

Giroux said what he will be looking for "is how all these expenses will be financed."

"That will be my main focus, whether it involves taxes, we will see, or if it is a cut in other areas."