On Tuesday April 16, 2024, Finance Minister Chrystia Freeland tabled the Liberal government’s 2024-25 Federal Budget in Parliament, entitled “Fairness For Every Generation”.
Budget 2024 expands on the many announcements made in recent weeks, with leading themes of housing affordability, cost of living, employment opportunities, and small business growth – all with particular emphasis on younger generations. With all the announced spending, the big question remaining for Budget Day has been how it would be paid for. The answer, at least in part, is an increase in the inclusion rate for capital gains realized by trusts, corporations, and high-income individuals.
This summary highlights provisions relevant to savings, investment and financial planning of individuals, families, and small businesses. We begin with a summary of current tax rates, then turn to the Budget’s themes:
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