Fall Economic Statement Released in Wake of Finance Minister’s Resignation
Yesterday afternoon, amid a tumultuous day at Parliament Hill, the Federal Government released its heavily delayed 2024 Fall Economic Statement (FES 2024). Earlier that day, Chrystia Freeland resigned as Deputy Prime Minister and Minister of Finance. In her absence, FES 2024 was tabled, but not presented or debated in the House, while MP Dominic LeBlanc was being sworn in as Canada’s new Minister of Finance.
Though the contents of FES 2024 are not nearly as exciting as the events that surrounded its release, here are the highlights:
- Deficit of $61.9 billion for 2023-24, which is $21.9 billion more than what the budget projected;
- Capital gains inclusion rate increase will proceed, and no further changes were announced;
- Multiple measures aimed at housing affordability and the cost of living;
- Some tax measures were announced, but there were no changes to personal or corporate tax rates; and
- No reference to the $250 “Working Canadians Rebate”, previously announced with the now implemented GST/HST holiday.
A more detailed summary of the 2024 Fall Economic Statement can be found on the Advanced Wealth Planning Group intranet site HERE, and in the Wellington-Altus Newsroom HERE. This summary can be shared with your clients and through social media.
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