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ARTICLE · 26 APRIL 2024

2024 Federal Budget: Highlights Affecting Financial Services

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The 2024 Federal Budget targets three main areas related to financial services regulation: housing affordability; opportunities relating to digital innovation...

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Nicolas Faucher
Nicolas Faucher
Tara Newman
Tara Newman
Caitlin Sabetti
Caitlin Sabetti
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The 2024 Federal Budget targets three main areas related to financial services regulation: housing affordability; opportunities relating to digital innovation; and banking accessibility. It also includes various other measures that may be of interest to financial institutions.

Some of the most significant initiatives impacting financial services businesses are summarized in this bulletin.

Housing Affordability

As pre-announced, the 2024 Federal Budget includes proposed support for 30-year mortgage amortizations for insured first-time home buyers of newly built homes. It also increases the amount that first-time buyers can withdraw from their RRSP from $35,000 to $60,000, effective as of April 16, provided the related budget legislation is passed.

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