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Deputy Prime Minister and Minister of Finance Chrystia Freeland presented Canada’s federal budget (Budget 2024) on April 16, 2024. Titled Fairness For Every Generation, Budget 2024 is centered around three pillars aimed at supporting the middle class:
Housing
Budget 2024 announces numerous measures aimed at building more homes and making it easier for Canadians to rent or own a home. Canada’s Housing Plan outlines how the federal government intends to tackle the country’s housing crisis, including calling on other levels of government and homebuilders to roll up their sleeves to help achieve the goal of building 3.87 million homes by 2031. It also proposes more tax incentives to save for a down payment and the option to include rental payment history in their credit scores.
Affordability
As cost-of-living challenges continue to strain Canadians’ pockets, Budget 2024 proposes measures to enhance the country’s social safety net, like the launch of a national pharmacare plan, enhancements to the Canada Pension Plan, and the creation of a youth mental health fund. Budget 2024 also aims to take action on rising food prices through the introduction of a national school food program.
Economic growth
Growing Canada’s economy is a focus in Budget 2024, which proposes measures aimed at increasing investment, enhancing productivity, and encouraging innovation. It invests in Canada’s tech sector to build capacity in artificial intelligence (AI) for computing capabilities and technological infrastructure. Budget 2024 also continues to support the green economy by delivering key components of the government’s $160 billion investment in clean growth measures announced since 2015. Additionally, it introduces the Canadian Entrepreneurs’ Incentive to support Canadian entrepreneurs who sell all or part of their company.
To learn more about the budget, read the Grant Thornton website.