On April 16, 2024, the Honourable Chrystia Freeland tabled the Federal Budget titled “Budget 2024: Fairness for Every Generation” (Budget 2024). The title proclaims fairness for all though the clear driving force behind Budget 2024 is to create affordable housing by applying tax measures on the wealthy. The implementation of these new tax measures is set to generate $21.9 billion over the next five years and asks “…the wealthiest Canadians to pay their fair share.”
Key tax measures announced in Budget 2024 include amendments to the Income Tax Act to increase the capital gains inclusion rate (from one-half to two-thirds) and the lifetime capital gains exemption (to $1.25 million). The tax measures also detail the expansion of Canada Revenue Agency audit powers with regard to information gathering and include further amendments to the previously announced alternative minimum tax.