. In addition to a seemingly endless slew of announcements made in April, Prime Minister Trudeau and his government introduced housing-related promises that targeted everything from ramping up the construction of new homes and new initiatives to help first-time homeowners, to increased protections for renters and measures to target homelessness – and a lot more.
In an effort to make Canada's tax system “more fair,” the government is proposing an increase in taxes on capital gains. In total, capital gains tax revenue from individuals and corporations is expected to generate $19 billion in new revenue. The government intends to increase the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds, by amending theeffective June 25, 2024).
On the same occasion, Trudeau also announced the launch of Canada Builds, partnering with provinces and territories to build more rental housing across the country.
For renters, Trudeau announced the launch of a $1.5 billion Tenant Protection Fund to offer funding to legal services and tenants’ rights advocacy organizations to better protect tenants against unfairly rising rent payments, renovictions, or bad landlords. The government said they’re providing more affordable and rental housing. This means $1 billion for the Affordable Housing Fund to build affordable homes, launching a permanent Rapid Housing Stream, and the launch of a $1.