The 2024 federal budget aims to address several key issues in Canada, including the housing crisis, cost of living, and economic growth.

The government plans to turbocharge the construction of homes, protect the rights of renters and homeowners, and make life more affordable for Canadians. Additionally, there is a focus on transforming Canada's social safety net to help young parents, providing education and job opportunities for younger Canadians, and stabilizing the cost of everyday essentials. In terms of housing, the government aims to unlock 3.87 million net new homes by 2031 and make it easier for Canadians to rent while saving for their first home.

They also plan to create fairness for younger generations by making education, housing, and living costs more affordable and providing support for mental health and employment opportunities for young people. The budget also includes investments in innovation, growth, and productivity, with a focus on accelerating job growth in Canada's AI sector, enhancing research support, and creating incentives for Canadian entrepreneurs. The government is also aiming to maintain the lowest net debt- and deficit-to-GDP ratios in the G7 while asking the wealthiest to pay more to keep taxes lower on the middle class.

In terms of tax fairness, the budget aims to make the tax system more fair for 99.87% of Canadians by increasing the inclusion rate for capital gains for the wealthiest individuals and ensuring that principal residences continue to be exempt from capital gains.

Overall, the budget seeks to address key economic and social challenges in Canada, with a focus on housing, fairness for younger generations, economic growth, and tax fairness.

Source: Canada.ca