April 16, 2024 – Ottawa, Ontario – Department of Finance Canada – Today, the Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Budget 2024: A Fair Chance for Every Generation.
This is a plan to build a Canada that works better for every generation, where young people can advance, be fairly rewarded for their hard work and be able to buy or rent their own homes – where everything the world has a fair chance at a good middle-class life.
First, Budget 2024 includes bold steps to build more housing. Because the best way to make housing prices and rents more affordable is to increase supply, and to do it quickly. The 2024 budget presents a strategy to make 3.87 million new housing units available by 2031. Among the main measures planned, include the deployment of a new Plan for the use of public land for residential purposes and a new Canadian Rent Protection Fund, the improvement of the Canadian Mortgage Charter and the creation of a new Canadian Tenant Bill of Rights.
Next, Budget 2024 will help reduce the cost of living. Built on the transformative expansion of Canada’s social safety net for future generations — through $10 a day child care, a dental plan for the nation’s uninsured, and the first phase of the plan universal drug insurance — Budget 2024 supports the government’s efforts to reduce daily costs for Canadians. These efforts include stabilizing grocery prices, cracking down on unwanted fees to make prices fairer, and lowering the costs of banking services. Budget 2024 also provides transformative new investments, including the rollout of a new National School Food Program and the new Canada Disability Benefit.
Finally, Budget 2024 will grow the economy so that everyone benefits. This plan will attract and increase investment, increase productivity and encourage the type of game-changing innovation that will create good-paying, rewarding jobs, while keeping Canada at the forefront economic. It also proposes new support measures to give more of our best entrepreneurs and innovators the means to bring their ideas to life here in Canada. These measures include attracting more investment into the carbon-neutral economy by expanding and introducing important investment tax credits into the economy, solidifying Canada’s advantage as a leader in artificial intelligence, and invest in enhanced research grants that will provide younger generations with good jobs and new opportunities. Therefore, we must ensure that Aboriginal people can benefit from this growth in a way that suits them.
Budget 2024 will make Canada’s tax system fairer by asking the very wealthy to pay their fair share – so the government can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to future generations by ignoring the budgetary anchor point. Budget 2024 is a responsible economic plan that meets the fiscal objectives presented in the 2023 Fall Economic Statement, and will ensure that Canada will once again have the lowest deficit and net debt-to-gross domestic product ratios in the world. G7 countries.
Quotes
“Our government came into office promising to strengthen and expand the middle class. We delivered on this commitment by reducing poverty, especially among children and the elderly, and creating millions of good jobs. Our work is not finished. With Budget 2024, we are redoubling our efforts to open a path to the middle class for millions of young Canadians. We will build more housing and help lower the cost of living. We will steer our economy toward growth that benefits everyone. This is what a fair chance for every generation means. »
– The Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
