Canadian Federal Budget 2024: Key Highlights

Introducing the 2024 Federal Budget

The Canadian federal budget for the fiscal years of 2024-25 was presented to the House of Commons by Finance Minister Chrystia Freeland on April 16, 2024. The 430-page document, titled "Fairness for Every Generation," outlines the government's financial plans and priorities.

Key Budget Initiatives

Housing and Carbon Rebates

The budget includes significant investments in housing affordability and climate change mitigation. It allocates funds to support the construction of new affordable housing units and provides rebates to Canadians who make energy-efficient home renovations. Additionally, the government proposes a carbon rebate program to help low- and middle-income families offset the cost of carbon pricing.

Supporting Students and Seniors

The budget introduces measures to support students and seniors. It increases funding for post-secondary education and expands eligibility for the Canada Student Grant. For seniors, the budget proposes enhancements to the Old Age Security (OAS) program and the Guaranteed Income Supplement (GIS).

Responding to Climate Change

Recognizing the growing threat of climate change, the budget commits to investing in clean energy, climate resilience, and disaster mitigation. It provides funding for renewable energy projects, electric vehicle incentives, and measures to protect vulnerable communities from wildfires and other natural disasters.

Economic Outlook and Fiscal Plan

The budget projects a modest economic growth of 2.5% in 2024 and 2.7% in 2025. It forecasts a gradual reduction in the federal deficit, with a target of balancing the budget by 2028-29. The government emphasizes the need for fiscal prudence while addressing key priorities such as affordability, climate change, and economic recovery.

Conclusion

The 2024 Canadian federal budget represents a comprehensive financial roadmap for the country. It addresses pressing challenges such as housing affordability, climate change, and economic growth. The government's commitment to supporting Canadians of all ages, from students to seniors, demonstrates its dedication to building a fairer and more prosperous future for all citizens.