This week, Finance Minister Chrystia Freeland presented the 2024 federal budget, entitled Fairness for Every Generation. This year’s federal budget is heavily focused on addressing the housing crisis and includes a number of housing investments that were announced leading up to today’s budget drop, as part of a comprehensive national Housing Plan.
Some notable investments were also made in VIA Rail’s new fleet, high-frequency rail, national parks, and in local film and theatre festivals.
Some highlights of the 2024 budget include:
Tourism
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$156.7 million over five years to the Parks Canada Agency for capital investments in Canada’s national parks, national marine conservation areas, and historic sites
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$38 million over three years to the Department of Canadian Heritage to support the Toronto International Film Festival and the Shaw Festival Theatre in Niagara-on-the-Lake
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$2.5 million in 2024-25 to continue supporting the Indigenous tourism industry through the Indigenous Tourism Association of Canada
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$36.1 million over five years, starting in 2024-25, with $8.2 million in remaining amortization, and $4.6 million per year ongoing to create Ojibway National Urban Park in Windsor, Ontario
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$10 million over two years, starting in 2024-25, to the Department of Canadian Heritage, to support Harbourfront Centre's ability to make critical capital repairs
Small Business
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$200 million over two years to increase access to venture capital
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Proposing a new Canada Carbon Rebate for Small Businesses, to return fuel charge proceeds from 2019-20 through 2023-24 to an estimated 600,000 businesses with 499 or fewer employees
Workforce
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Proposing to extend the temporary support for seasonal workers through EI, which was set to expire in October 2024
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Adding an additional $207.6 million to the Student Work Placement Program
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$4.4 million over two years, starting in 2024-25, to continue the Indigenous Labour Market Information Survey and Skills Inventory Initiative to support labour market participation and ensure prosperous communities
Transportation
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$462.4 million over five years, starting in 2024-25, with $120.7 million in remaining amortization, for VIA Rail network operations; new funding for VIA Rail to replace its aging fleet on routes outside the Quebec City-Windsor corridor
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Starting in 2026-27, the government will provide $3 billion per year in permanent public transit funding for projects across the country
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Legislative amendments to make VIA HFR-VIA TGF Inc. an Agent of the Crown, enabling VIA HFR-VIA TGF Inc. to deliver high frequency rail on behalf of the government.
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Provide $371.8 million over six years, starting in 2024-25, to VIA HFR-VIA TGF Inc. and Infrastructure Canada to advance design and development of high frequency rail
Housing
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Increase the capital cost allowance rate for purpose-built rental apartments from 4% to 10%, which will increase how much builders can write off from their taxes
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Removing the GST for student residences built by public universities, public colleges, and public school authorities
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Make more public lands available for home construction, while leasing lands to developers rather than selling them off
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Launching a $6 billion Canada Housing Infrastructure Fund to accelerate the construction and upgrading of critical housing infrastructure (e.g., water, wastewater, stormwater, solid waste infrastructure)
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Committing an additional $4.3 billion towards the Urban, Rural and Northern Indigenous Housing Strategy
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Providing an additional $1 billion for the Affordable Housing Fund
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Extend the mortgage amortization period to 30 years for first-time homebuyers purchasing new builds
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Creating a new Canadian Renters’ Bill of Rights to crack down on renovictions and create a nationwide standard lease agreement
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Proposing a new $15 million Tenant Protection Fund to provide funding to legal services and tenants’ rights advocacy organizations
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Giving renters the option to include their rental payment history in their credit scores
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Launching a $1.5 billion Canada Rental Protection Fund to provide immediate and direct support to community housing providers to acquire affordable rental units at risk of being sold to investors and repriced
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Proposing a Rapid Housing Stream within the Affordable Housing Fund to build deeply affordable housing, supportive housing, and shelters for vulnerable populations
Additional highlights:
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$1.5 billion over five years to launch the new national universal pharmacare plan
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$500 million for a new youth mental health fund
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Increase the capital gains inclusion rate for individuals with more than $250,000 in capital gains in a year