Budget 2024
Over 750,000 Canadians have opened an account to save for their first down payment, and save faster with the help of tax relief.
Our new Canadian Renters’ Bill of Rights will protect renters from unfair practices, make leases simpler, and increase price transparency.
The Canadian Mortgage Charter is helping to protect homeowners who are struggling with rising mortgage payments. We are enhancing it to make it easier for younger Canadians to buy their first home, by making sure renters get credit for their rent payments and allowing up to 30-year mortgage amortizations on new builds for first-time home buyers.
A new National School Food Program will ensure that children have the nutritious meals they need to succeed and get a fair start in life.
We’re on track to securing Canada-wide $10-a-day child care in every province and territory by 2026, and fees have already been cut by 50 per cent everywhere, saving families thousands of dollars. We’re building more spaces and training more early childhood educators to ensure every family can access affordable child care.
The Canadian Dental Care Plan is already rolling out for uninsured Canadians with a family income of less than $90,000, to ensure everyone can afford the dental care they deserve. By 2025, nine million Canadians will be covered.
Increasing Canada Student and Apprentice Loans and Grants, because everyone who wants to go to school should have the support they need to cover the costs.
Helping young Canadians develop the skills and gain the work experience they need to achieve their dreams and get a good-paying job.
Supporting skilled trades workers by tooling up training programs and creating more apprenticeship positions to ensure young apprentices succeed.
Enhancing competition and monitoring grocers’ work to help stabilize prices, and lowering costs for the farmers who grow our food.
New programs to help with the cost of going to the dentist and pharmacy, including the cost of contraceptives and insulin, will further ease the financial burden on Canadians.
Lowering costs of plans, reducing junk fees, and giving Canadians more choice to switch providers and find better deals.
Enhancing the CPP to increase pension benefits by up to 50 per cent.
Advancing the Safe Long Term Care Act to support new national long-term care standards.
Increased Old Age Security and Guaranteed Income Supplement ensures seniors have the financial support they need in retirement.
Budget 2024 highlights
90,000 new job opportunities for youth
Unlocking 3.87 million new homes by 2031.
Over 1.1 million more Canadians employed today than before the pandemic.
Affordable child care is supporting a record high 85.4% labour force participation rate for working aged women.
The Canadian economy is outperforming expectations. Both the IMF and the OECD project Canada to see the strongest economic growth in the G7 in 2025. In the face of higher interest rates, Canada has avoided the recession that some had predicted. Headline inflation has fallen significantly from its June 2022 peak of 8.1 per cent to 2.8 per cent in February 2024.
Note: Last data point is 2024Q4.
Sources: Statistics Canada; Department of Finance Canada March 2024 survey of private sector economists.
Text VersionWe’re asking the wealthiest to pay a bit more, their fair share, to keep taxes lower on the middle class, and ensure the next generation inherits not more debt, but Canada’s prosperity.
Budget 2024 is investing in fairness for every generation while delivering on our fiscal objectives. Canada is maintaining the lowest net debt- and deficit-to-GDP ratios in the G7, preserving Canada’s long-term fiscal sustainability.
Sources: Department of Finance Canada March 2024 survey of private sector economists; Department of Finance Canada calculations.
Text VersionTax fairness is important for every generation, and it is particularly significant for younger Canadians.
To make the tax system more fair for 99.87 per cent of Canadians, the inclusion rate for capital gains—the portion on which tax is paid—for the wealthiest with more than $250,000 in capital gains in a year will increase from one-half to two-thirds. Only 0.13 per cent of Canadians with an average income of $1.42 million are expected to pay more personal income tax on their capital gains in any given year.
Principal residences will continue to be exempt from capital gains.
