2024 Federal Budget: Sussex Overview & Analysis
Fairness for Every Generation
This afternoon Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled Budget 2024: Fairness for Every Generation in the House of Commons. The document is designed to show urgent action on housing and affordability amidst a climate of high cost of living for Canadians and ongoing challenges with inflation. It also serves as the Liberal Government’s pitch to voters ahead of an election no later than a year and a half away. Below, please find our overview and analysis, including the most significant spending and policy commitments made in Budget 2024.
What You Need to Know
- Budget 2024 announces almost $53 billion in new spending.
- $22 billion in new revenue generation mainly through an increase in tax on capital gains (by raising the capital gains inclusion rate).
- Ottawa will run a $40 billion deficit this year.
- The Budget will almost certainly pass with the support of the NDP.
- The Liberals are hoping this significant program spending will rebound their poor polling numbers. Will it work, or will voters see it as more of the same?
Next Steps
With the Liberal / NDP Supply and Confidence Agreement seemingly holding strong, this Budget has not ushered in fresh speculation of the federal election in the coming months. The Liberals continue to have runway to show Canadians that they can meet the moment; however, reaction to the 2024 Budget will help to paint the picture of the electoral fortunes the Liberals may be facing in 2025. For now, the relative stability means that companies can move forward with some assurance that the measures presented in today’s budget will be implemented as written over the next 18 months.
Read the full analysis here.
