OTTAWA (Reuters) – Here are some of the key government measures and proposals outlined in the 2023-24 budget presented by Finance Minister Chrystia Freeland on Tuesday:
* boost the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital, gains realized by corporations and trusts from one-half to two thirds
* deliver a C$15 billion top-up to the Apartment Construction Loan Program to build a minimum of 30,000 new apartments
* launch a new C$6 billion Canada Housing Infrastructure Fund to accelerate the construction and upgrading of critical housing infrastructure
* launch a new C$1.5 billion Canada Rental Protection Fund to protect affordable housing and create thousands of new affordable apartments
* top-up the Housing Accelerator Fund with an additional C$400 million, so more municipalities can cut red tape, fast-track home construction, and invest in affordable housing.
* allow 30-year mortgage amortizations for first-time home buyers purchasing newly built homes, effective August 1, 2024
* spend C$500 million to support rental housing with low-cost financing through the Apartment Construction Loan Program
* offer up to C$5 billion in loan guarantees to unlock access to capital for Indigenous communities, allowing them to invest in oil and gas projects
* a C$2.4 billion package of measures to boost artificial intelligence. This includes C$2 billion to build and provide access to computing capabilities and technological infrastructure for researchers, start-ups, and scale-ups
* a new National School Food Program, with an investment of C$1 billion over five years
* a new Child Care Expansion Loan Program, with C$1 billion in low-cost loans
*a new 10% electric vehicle supply chain investment tax credit on the cost of buildings used in electric vehicle assembly, electric vehicle battery production and cathode active material production.
While Brampton South MP Sonia Sidhu shared Budget 2024 and said, “We have a plan to build a Canada that works better for you and delivers fairness for every generation in Brampton and across the country.
This is a plan to build more homes, faster, make life more affordable, and create more good jobs and economic growth shared by all. With support for seniors, jobs for Canadian youth, measures to fight auto theft and investments in infrastructure, this budget responds to the many priorities in Brampton.
For more information, please follow this link. https://budget.canada.ca/2024/home-accueil-en.html
