Canada’s income gap is growing. Will Budget 2024 help affordability?

released Wednesday said Canada ’s higher interest rates had a “negative impact on the income and net worth of the lowest income and least wealthy households” in 2023.

Under the proposal, the inclusion rate for annual capital gains realized above $250,000 for individuals would be taxed at a rate of two-thirds, up from the current 50 per cent. Any gains under that bar would continue to be taxed at the 50 per cent rate.From July 2022 to July 2023, the Bank of Canada’s policy interest rate had risen from 2.5 per cent to 5.0 per cent.

Kevin Page, Canada’s former parliamentary budget officer, tells Global News that the 2024 Liberal spending plan is “a relatively large budget,” the size typically reserved for federal election years.Budget 2024 makes changes to capital gains tax. Who will it affect?Finance Minister Chrystia Freeland said the budget was geared towards young Canadians, with a spending plan that promises to do everything from making it easier to buy a first home to cracking down on costly concert ticket fees.

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