Some of the key highlights from the Liberal government's 2024 federal budget

OTTAWA — Finance Minister Chrystia Freeland introduced the 2024 federal budget on Tuesday. Some key highlights:In hopes of building nearly 3.9 million new homes across Canada by 2031, the government plans to:

— spend $250 million over two years to address the "urgent issue" of encampments and a shortage of shelter space for homeless people.High-worth individuals, corporations and trusts will pay more in capital gains taxes. The inclusion rate increases to 66 per cent, up from 50 per cent, on capital gains above $250,000 for individuals and on all capital gains for corporations and trusts. The change is expected to yield an additional $19.4 billion over four years.

It will cost $52 million over five years to enact and enforce the new Online Harms Act, which requires large online platforms to act responsibly, and creates a new commission and ombudsperson for digital safety.— $273.6 million over six years for community outreach, law enforcement, counter-radicalization and victim support;

And it is creating several new parks and wildlife preserves, including in British Columbia, Prince Edward Island and Windsor, Ont.— A 10 per cent tax credit for the cost of buildings used for key parts of the electric-vehicle supply chain over the next 10 years; It also provides $6.1 billion over six years and $1.4 billion a year thereafter for the Canada Disability Benefit and related costs.— set up a $500-million fund to help community health organizations give more mental-health care to young people;— put $630 million towards access to mental-health services for Indigenous Peoples.The budget includes up to $5 billion in "sector-agnostic" loan guarantees for resource projects undertaken by Indigenous communities.

Source: News Formal (newsformal.com)

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