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2024 Canadian Federal Budget: Industry analysis

Publication

June 7, 2024Publication

Budget 2024: Fairness for Every Generation introduced several measures that will affect businesses across Canada, from tax incentives and support programs to regulatory changes and innovation initiatives. On this page, you will find our analyses of the most relevant and impactful aspects of Budget 2024 for various sectors and industries, as well as our insights on how to navigate the opportunities and challenges ahead. Start with our National Tax Group’s Federal Budget Commentary for a detailed summary of the key tax measures and projections, including the increase in the capital gains inclusion rate, then read our other articles below.

2024 Canadian Federal Budget Commentary – Tax Initiatives

On April 16, 2024 (Budget Day), Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, tabled in the House of Commons the Liberal Government’s budget, Fairness for Every Generation (Budget 2024). Find our commentary on the tax initiatives in Budget 2024 here.

Federal Budget 2024: AI Update

The Budget includes new funding allocations for research, development, and implementation of AI technologies across diverse sectors, with dedicated measures for the establishment of regulatory frameworks supportive of AI safety and innovation, in addition to support for small and medium-sized businesses (“SMEs”).

Green Lights for Clean Energy: Federal Budget 2024 Updates on Nuclear

The recently-announced federal Budget 2024 contained good news for nuclear energy in Canada. The most significant measures for nuclear are being implemented to advance the federal government’s commitment to the principle of “one project, one review” for major project approval processes.

Budget 2024: Financial Institutions Update

The 2024 federal budget (the “Budget”) includes a number of measures directed to the financial services sector. As summarized in the Budget, the objective of open banking is to provide a mechanism for individuals and businesses to securely transfer their financial data between various service providers, including banks, credit unions and Fintechs.

Canadian Pension Funds and Domestic Investments: Key Takeaways from the 2024 Federal Budget

McCarthy Tétrault’s Pension, Benefits & Executive Compensation Group took good note of the Government’s intention of encouraging Canadian pension funds to invest more domestically when it was previewed in the 2023 Fall Economic Statement.

Crypto Resource Update April 2024

McCarthy Tétrault introduced several new resources this month which will be of interest to those of you working in the crypto asset space.

Budget 2024 – Federal Indigenous Loan Guarantee Program

On April 16, 2024 the Government of Canada tabled Budget 2024: Fairness to Every Generation. In Chapter 6 of its Budget 2024 entitled “A Fair Future for Indigenous Peoples”, the federal government unveiled a basic framework for a Federal Indigenous Loan Guarantee Program (the “FILGP”).

Federal Government Releases Additional Details on Consumer-Driven Banking (Open Banking) Framework

The federal government released alongside the 2024 federal budget a paper entitled Budget 2024: Canada’s Consumer-Driven Banking Framework (the “Paper”), setting out additional details on the federal government’s plan to legislate a Consumer-Driven Banking Framework (the “Framework”).