Federal Budget 2024
- Published
- April 17, 2024
- Topic
- Budget
Download the full commentary of the Federal Budget of 2024.
On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 – Fairness for Every Generation, to the House of Commons.
No changes were made to personal or corporate tax rates. Some highlights include the following:
Personal Measures:
- An increase to the capital gains inclusion rate to 2/3, however individuals will retain the 1/2 inclusion rate on the first $250,000 of capital gains annually.
- An increase to the lifetime maximum capital gains exemption, and two new incentives on specific types of business sales.
- Modifications to the proposed amendments to focus the alternative minimum tax regime on high-income individuals.
Business Measures
- A Canada carbon rebate for small businesses that will begin by delivering payments to eligible CCPCs for five years of carbon tax.
- Accelerated capital cost allowance on purpose-built residential rental properties.
- Immediate expensing of certain productivity-enhancing assets, including computer hardware, acquired on or after April 16, 2024.
International Measures
- A crypto-asset reporting framework that will require annual reporting by crypto-asset service providers on their clients’ activities using these assets.
Sales and Exice Measures
- Extension of the GST exemption for new purpose-built rental housing projects to not-for-profit universities, public colleges and school authorities.
Other Measures
- Details on the Canada disability benefit intended to commence in July 2025.
Previously Announced Measures
- Intention to proceed with previously announced measures, including the denial of expenses for non-compliant short-term rental activities; the exemption of certain services of psychotherapists and counselling therapists from GST/HST; proposals related to the underused housing tax; temporarily pausing the fuel charge on heating oil; various clean energy tax credits; and other initiatives related to the clean economy.
Download the full commentary below.
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