Federal Budget 2024

April 17, 2024

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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