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2024 Federal Budget

Shaping a stronger economy together


The 2024 Federal Budget proposes several major tax changes in order to provide more taxation revenue for the government to fund its priorities.

  • An increase to the capital gains inclusion rate for individuals earning more than $250,000 in capital gains in a given year from 50% to 66.66%; and
  • An increase in the capital gains inclusion rate for corporations and trusts from 50% to 66.66%.

  • increasing the Lifetime Capital Gains Exemption to $1,250,000;
  • introducing the Canadian Entrepreneurs Incentive to further reduce taxation on the sale of certain shares of small businesses; and
  • introducing the Canada Carbon Rebate for small businesses depending on the number of employees.

  • expanding the current Home Buyer's Plan by increasing the withdrawal to $60,000;
  • providing accelerated Capital Cost Allowance for purpose built rental housing; and
  • extending GST relief for Student residences.

  • changes to the Alternative Minimum Tax that would allow a higher deduction for charitable donations thus reducing the disincentive for large donations;
  • an expansion of the rules regarding the sale of a business to an Employee Ownership Trust; and
  • the introduction of a new non-compliance penalty for information returns.

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