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2024 Federal Budget Highlights

2024 Federal Budget Highlights

Synopsis
20 Minute Read

Deputy Prime Minister and Minister of Finance the Hon. Chrystia Freeland tabled the federal government’s budget on April 16, 2024.

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, delivered the 2024 federal budget (Budget 2024), entitled Fairness for Every Generation, on April 16, 2024.

This budget includes measures intended to increase housing supply, help manage the rising cost of living, and grow the economy.

Below are the tax highlights from this year’s budget.

Capital gains inclusion rate

Budget 2024 proposes to increase the capital gains inclusion rate for corporations from one-half to two-thirds for capital gains realized on or after June 25, 2024.

Transitional rules will apply for gains realized in tax years that begin before and end on or after June 25, 2024; two different inclusion rates would apply.

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