2024 Federal Budget highlights provisions relevant to savings, investment and financial planning of individuals, families and small businesses.
On Tuesday April 16, 2024, Finance Minister Chrystia Freeland tabled the Liberal government’s 2024-25 Federal Budget in Parliament, entitled “Fairness For Every Generation”.
Note that a Budget is a statement of the governing party’s intention. Until passed into law, its content is to be considered as proposals, particularly where the ruling party has a minority of the seats, as is the case presently.
This summary highlights provisions relevant to savings, investment and financial planning of individuals, families and small businesses. We begin with a summary of current tax rates, then turn to the Budget’s themes:
- Federal income tax brackets & rates
- Personal tax changes
- Working life and small business
- Family and community
- Housing affordability
- Cost of living
- Investing
- Tax administration