The federal government unveiled its 2024 budget on Tuesday, pledging billions of dollars in new spending, offset by new revenue streams.
Ahead of the official budget release, the federal government had teased that the document would have a major focus on housing and building up supply, including billions of dollars in now-already announced measures, and stitched together into a “plan to solve the housing crisis,” that was revealed last Friday.
According to the Canada Mortgage and Housing Corporation, Canada needs to build 3.5 million homes by 2030 to restore affordability. The change makes for a more straightforward calculation at tax time, increasing the portion of capital gains that are taxed, as opposed to determining how much someone is worth and then taxing the wealthiest.For the vast majority of people — 99.87 per cent of Canadians, per the government’s calculation — there will be no increase to the personal income taxes on capital gains.
The Liberals are also earmarking $200 million over two years, starting in 2026-27, to increase available venture capital for the “equity-deserving entrepreneurs” of some start-ups. The budget also details plans to help students afford a place to live by changing the formula to calculate financial assistance eligibility.
“Building more student housing is good for young people, and makes sure there is a fair rental market for everyone,” the budget reads.The budget includes measures to help shoulder some of the cost of raising children. The new Child Care Expansion Loan Program, to the tune of $1 billion, will provide loans and grants to build or renovate child-care centres, and changes to the Canada Student Financial Assistance Act and the Canada Student Loans Act will expand loan forgiveness eligibility for some early childhood educators.
The federal government is also proposing to expand the Disability Supports Deduction — which allows some people with disabilities to deduct certain expenses — to include new costs covered under the program. Siding with Alberta Premier Danielle Smith on her proposed restrictions on transgender youth, Conservative Leader Pierre Poilievre confirmed Wednesday that he is against trans and non-binary minors using puberty blockers.