Market Insights

2024 Fall Economic Statement Released in Wake of Finance Minister’s Resignation

Wellington-Altus Logo

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.

 

Your Advanced Wealth Planning Group

Recent Posts

The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus.

Subscribe To Our Newsletter