2024 Canadian Federal Budget Commentary – Tax Initiatives
The Honourable Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance, tabled the Liberal government’s federal budget on April 16, 2024. Fairness for Every Generation (Budget 2024) details the government’s tax measures on a host of items affecting Canadian businesses and their owners, including:
- an increase to the capital gains inclusion rate for all taxpayers;
- additional particulars in respect of the design of the Clean Electricity Investment Tax Credit and a new EV Supply Chain Investment Tax Credit;
- the introduction of new and enhanced power to assist the CRA in obtaining information during audits;
- further amendments to the alternative minimum tax; and
- a number of measures intended to make housing more affordable.
McCarthy Tétrault’s National Tax Group has summarized key tax measures and projections in the budget and what they mean for you.
Download the publication, and reach out to our team for advice on how to minimize risk and maximize the opportunities and incentives found in Budget 2024.