In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
Aside from the weeks long pre-budget blitz of expected new measures, the 2024 budget includes some additional offerings for small businesses and entrepreneurs – including through a new carbon rebate – and finally puts dollar figures on the first phase of national pharmacare, as well as the long-promised disability benefit.
"Our renewed focus today is unlocking the door to the middle class for millions of younger Canadians," Freeland writes in the foreword to the budget, of which all 416 pages were tabled in the House of Commons on Tuesday. However, some economists warn not enough is being done in this massive financial document, on the productivity side.
Freeland also said this increase to the capital gains inclusion rate is not expected to hinder Canada's business competitiveness, as corporations in most other countries pay corporate income tax on 100 per cent of their capital gains. The 2024 budget also includes $400 million to top up the Housing Accelerator Fund by $400 million, plus $600 million for a series of new homebuilding innovation efforts aimed at scaling up modular and prefabricated homes.It remains to be seen what the timeline will be for enacting the promised Canadian Renters' Bill of Rights, and select other mortgage and rental rule reforms.
The federal government will also be updating the formula that is used by the Canada Student Financial Assistance Program to calculate housing costs when determining financial need, to reflect today's higher housing costs. The budget estimates this will deliver more student aid to 79,000 students a year.
And, the Liberals have finally put funding behind their long-promised Canada Disability Benefit: $6.1 billion over six years and $1.4 billion ongoing, seeing the first payments issued in July 2025. It also earmarks $500 million for a new youth mental health fund; $1 billion in loans and $60 million in grants to build or renovate child-care centres; and $48 million to extend student loan forgiveness for early childhood educators.Freeland's plans include new measures meant to provide businesses more certainty when it comes to investing in Canada, including a series of incentives and supports to boost productivity.
Source: Real Estate Daily Report (realestatedailyreport.net)
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: DailyFaceoff - 🏆 25. / 68 Read more »
Source: DCN_Canada - 🏆 17. / 74 Read more »
Source: PGCitizen - 🏆 65. / 51 Read more »
Source: SooToday - 🏆 8. / 85 Read more »
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Source: FashionCanada - 🏆 35. / 63 Read more »