Canada budget 2024: The key highlights
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:
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.
Excise taxes on tobacco and vaping products are going up: $4 on a carton of cigarettes and by 12 per cent on vape supplies -— for a total of nearly $1.7 billion in revenue over five years.
The government will spend $48 million over four years and $15.8 million thereafter to forgive the loans of early childhood educators.
Another $253.8 million over four years, plus $84.3 million a year thereafter, will go towards loan forgiveness for a host of health and education workers, including hygienists, pharmacists, teachers and social workers.
The government plans to amend the Criminal Code to create new criminal offences for auto theft involving violence or with links to organized crime.
They also plan to take steps to criminalize the possession or distribution of electronic devices used to steal cars and regulate such devices.
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.
There’s new money to combat hate, including:
More than $900 million over six years for greener homes and energy efficiency programs.
Ottawa also plans a national
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