Key Highlights of 2024 Canadian Federal Budget: Fairness For Every Generation

April 18, 2024

The 2024 federal budget, titled "Fairness For Every Generation," released this week, outlines the government's plan to address key issues facing Canadians, including housing affordability, education, job opportunities, and the cost of living.

The budget aims to build more homes, protect renters' rights, and support first-time homebuyers. It also focuses on creating new opportunities for younger Canadians to access education and skills training, while ensuring that essential goods and services remain affordable. The budget includes measures to enhance innovation and productivity, as well as improve the social safety net for seniors and those in need.

Some highlights:

1- Affordable Housing: The budget includes measures to turbocharge the construction of homes, protect renters' rights, and enhance the Canadian Mortgage Charter to support first-time homebuyers. The government plans to unlock 3.87 million new homes by 2031 and make renting more accessible while saving for a first home.

2- Social safety net: The budget introduces a National School Food Program, expands $10-a-day child care spaces, and provides dental care for uninsured Canadians.

3- Stabilizing the cost of everyday essentials: The budget includes measures to stabilize the cost of groceries, lower the cost of internet, home phone, and cell phone plans, and provide support for dental care and pharmacy costs through a comprehensive national pharmacare program.

4- Fairness for younger generations: The government aims to make education, housing, and the everyday costs of living more affordable for Millennials and Gen Z. Measures include increasing student grants and loans, launching a Youth Mental Health Fund, and providing job placement and employment support opportunities through the Youth Employment and Skills Strategy.

5- Economic growth and productivity: Budget 2024 invests in innovation, growth, and increased productivity in Canada. Key initiatives include accelerating job growth in the AI sector, boosting productivity by helping researchers and businesses develop and adopt AI, and ensuring responsible AI development.

6- Support for seniors: The budget includes measures to enhance the Canada Pension Plan, support long-term care, and increase Old Age Security and Guaranteed Income Supplement benefits for seniors.

7- Economic and fiscal projections: The budget aims to maintain the lowest net debt- and deficit-to-GDP ratios in the G7, preserving Canada's long-term fiscal sustainability.

8- Improving tax fairness: The budget includes measures to make the tax system more fair for 99.87% of Canadians, with the inclusion rate for capital gains increasing for the wealthiest Canadians.

9- Support for various sectors: Budget 2024 includes measures to grow small businesses, support safer and healthier communities, and promote a fair future for Indigenous peoples.

Learn more:

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April 18, 2024