Published: March 07, 2024
Updated: April 16, 2024
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.
2024 Federal Budget webinar
On Wednesday, April 17, BDO experts will discuss the budget highlights and impacts on your organization.
Business tax measures
Tax relief for increased investment in Canadian businesses.
Personal tax measures
Federal budget includes changes made to personal tax. Learn more about them.
International tax measures
Budget 2024 introduces new measures related to international tax reporting.
Other tax measures
Budget 2024 proposes to broaden the information gathering powers of the CRA.
Media contacts
Learn more about our committed professionals who can help assist with any issues relating to the Federal Budget.