Federal Budget 2024 - and you thought there would be nothing?!

Finance Minister Chrystia Freeland tabled the 2024 Federal Budget on April 16, 2024. After years of speculation, this was finally the budget in which the capital gains inclusion rate was increased. The budget included some relief to higher capital gains taxes through an increased lifetime capital gains exemption (LCGE), sales of business to employee ownership trusts (EOT), and the introduction of the Canadian Entrepreneurs’ Incentive (CEI). Additional measures around noncompliance with information requests, avoidance of tax debts, and penalties for reportable and notifiable transactions were also introduced. There are many other points of interest to insurance and investment advisors concerning first-time homebuyers and much more.

Click on link to see the full report that was originally published by our friends at Manulife Investment Management.