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ARTICLE · 26 APRIL 2024

2024 Federal Budget: Selected Tax Measures

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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On April 16, 2024 (Budget Day), the Government of Canada released its 2024 federal budget (Budget 2024). While the biggest headline item in Budget 2024 is a proposal to increase the capital...

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Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On April 16, 2024 (Budget Day), the Government of Canada released its 2024 federal budget (Budget 2024). While the biggest headline item in Budget 2024 is a proposal to increase the capital gains inclusion rate from one-half to two-thirds, Budget 2024 also includes a number of targeted incentives and anti-avoidance rules, as well as a significant enhancement of the Canada Revenue Agency's (CRA) audit powers. Budget 2024 did not include draft legislation for many of these measures, but it is expected that further details will be released later in the year.

This bulletin analyzes the most significant tax measures included in Budget 2024.

Highlights

There has been speculation for many years that the Government of Canada may increase the tax rate applicable to capital gains on the alleged basis that preferential capital gains rates generally favour wealthier Canadians. Budget 2024's proposal to increase the capital gains inclusion rate from one-half to two-thirds

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