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.
