Budget 2024: If I Had A (Quarter) Million Dollars

Canada's Deputy Prime Minister and Finance Minister Chrystia Freeland tabled the 2024 federal budget on April 16, 2024, entitled Fairness for Every Generation (“Budget 2024”). Budget 2024 lays out a plan of $52.9 billion in new spending over the next five years aimed at increasing housing affordability and managing the rising cost of living. With respect to tax measures, a monumental change was proposed by increasing the amount of the capital gain to be included in income from 50% to 66 2/3%. In Ontario, the marginal tax rate on capital gains for an individual will increase from 26.76% to 35.69%. We provide below a summary of this proposed measure together with other key highlights.