ARTICLE · 09 JANUARY 2025

The 2024 Fall Economic Statement: Key Updates And Implications

Bateman MacKay LLP

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The 2024 Fall Economic Statement (The Statement) was delivered by Government House Leader Karina Gould on December 16, 2024, following Finance Minister Chrystia Freeland's resignation...

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The 2024 Fall Economic Statement (The Statement) was delivered by Government House Leader Karina Gould on December 16, 2024, following Finance Minister Chrystia Freeland's resignation earlier that day. Despite this backdrop of political turmoil, the Statement introduced some measures and updates relevant to business owners.

The Statement outlined a deficit of $61.9 billion for the 2023-24 fiscal year which was over $20 billion more than the targeted deficit of $40 billion. A deficit of $48.3 billion is projected for 2024-25, higher than last year's projections of $38.4 billion, with a forecast for it to decrease to $23 billion by 2029-30. Notably, there were no changes to personal or corporate income tax rates. In addition to several green economy initiatives for clean electricity, clean hydrogen investment tax credits, and the electric vehicle supply chain, several business measures were announced or updated.

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