9 Highlights Released in Canada's Budget 2024 | News

Canadian Finance Minister Chrystia Freeland presented the federal budget for 2024 in the House of Commons today, April 16.

“Our economic plan is to build more homes, live faster, make life more affordable and create better jobs,” Freeland said in a press release.

“This plan paves the way for a better middle class for the next generation because Canada is stronger when everyone has an equal chance to succeed. Together we will unlock and create a brighter, more prosperous future.”

Here are some highlights:

• The mortgage amortization period is extended to 30 years for first-time home buyers of new construction. This will be effective from August 1.
• A plan to lease public land to developers instead of selling it to build new homes.
• Allowing builders to write off 10 percent of the capital cost of apartments.
• Increasing the homebuyer plan limit from $35,000 to $60,000 for first-time home buyers. The Home Buyers Plan is an existing federal program that allows Canadians to opt out of their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home.
• By 2031, it is intended to build about 3.9 million houses in Canada.
• Launching a new $15 million Tenant Protection Fund. It provides legal aid and funding for tenant advocacy organizations to protect tenants from unfair rent increases, repairs or bad landlords.
• Creation of a new Canadian Tenants' Bill of Rights, developed and implemented in partnership with the provinces and territories. It requires landlords to disclose accurate apartment price history so landlords can get a fair deal. It also includes uninstalling updates.

Eliminate car theft

• Amend the Criminal Code to provide law enforcement agencies and prosecutors with additional tools to combat car theft.
• Addition of new criminal offenses relating to car theft involving the use of violence or reference to organized crime, car theft and possession or distribution of an electronic or digital device for the purpose of laundering the proceeds of crime for the benefit of a criminal organization.
• Amend the Radio Communications Act to regulate the sale, possession, distribution and importation of anti-theft devices. This allows law enforcement to remove devices believed to be used to steal cars from the Canadian market.

• Increase the capacity of artificial intelligence, $2.4 billion has been allocated.
• Part of this funding will encourage AI startups to bring new technologies to market and accelerate the adoption of AI in industries such as agriculture, cleantech, healthcare and manufacturing.
• $50 million in support for the Industry Workforce Solutions program, which will enable workers in these sectors that may be affected by AI, such as the creative industries, to learn new skills.

• Spending $1 billion over five years to create a national school food program with the goal of providing meals to an additional 400,000 children.
• This includes investments in First Nations, Inuit and Métis communities, as well as self-governing and modern contract partners with some of the highest food security records in Canada. Local partners are asked to jointly develop culturally appropriate solutions.

• $500 million to help public health organizations further support youth mental health.

• Providing more than $1 billion in low-cost loans to community and nonprofit child care providers to enable them to build new spaces and renovate existing child care centers.
• Offer student loan forgiveness for rural and remote early childhood educators. It encourages caregivers to work in smaller communities and helps families get the childcare they need.
• Investing $10 million over two years to build the talent needed to expand affordable, high-quality child care, and more early childhood education.

• Doubling the volunteer firefighter tax credit and search and rescue volunteer credit to $6,000, which in turn would save volunteer firefighters up to $900 a year.
• Spending $166.2 million over five years in new funding for First Nations emergency management and preparedness. Recognizing that many First Nations communities are particularly vulnerable to the effects of natural disasters, this investment will better support First Nations to protect their communities.

Improving the Canada Pension Plan

• The federal government, along with the provinces, top up the death benefit for certain contributors.
• It will also introduce partial child benefits for part-time students and end the right to a survivor's pension for legally divorced people.

First Nations Commitment

— With files from Torstar News Service