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Federal Government releases Budget 2024

On April 16, 2024, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the Liberal Government’s federal budget, Fairness for Every Generation (Budget 2024). The most notable tax measure in Budget 2024 is the proposal to increase the capital gains inclusion rate from one-half to two-thirds, for capital gains realized on or after June 25, 2024. This measure will apply to all capital gains realized by corporations and trusts, but only will apply to individuals in respect of the portion of capital gains realized in the year that exceeds $250,000.

In addition, among other things, Budget 2024 proposes to:

  • repeal the zero-rating relief on certain masks and other personal protective equipment introduced as part of the COVID-19 measures;
  • expand the enhanced GST rental rebate to universities, public colleges, and school authorities for purpose-built student rental housing;
  • maintain the commitment to previously announced measures for commercial joint ventures as modified to take into account public consultations; and
  • increase excise duties for tobacco and vaping products.

For a discussion of these tax measures and others in Budget 2024, please see McCarthy Tétrault’s Budget 2024 Commentary

federal budget GST



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