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An overview by Borden Ladner Gervais (BLG), Taxand Canada
Canada has recently introduced a new federal budget for 2024, titled “Budget 2024: Fairness for Every Generation”.
Through new tax measures, including increasing the capital gains inclusion rate and lifetime capital gains exemption, the budget aims to generate $21.9 billion over five years, primarily to fund affordable housing initiatives.
These initiatives include building 3.87 million new homes by 2031, with the federal government aiming to support 1.2 million new homes and calling on other levels of government to support an additional 800,000 homes. Additionally, the budget outlines expanded Canada Revenue Agency audit powers and further amendments to the alternative minimum tax.
Pamela Cross, Ryma Nasrallah, Kevin Bianchini, Robert Nearing, Grace Pereira, and Joelle Kabouchi from Borden Ladner Gervais (BLG), Taxand Canada, have published a full overview and analysis of the new budget here.
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