The top 10 things in the budget that could impact Canadians, from housing costs to health care, the carbon tax and regulating crypto.
My good friend, Jack, installed a budgeting app on his phone to get a handle on his excessive costs of living. “Tim, after tracking my spending for a while I realize how much I spend on beer every month. I can’t keep doing this” he said. “So, what are you going to do?” I asked. “I deleted the app” he replied.
2. Housing affordability. The government’s priority, according to its 2023 fall economic statement, is to accelerate the construction of affordable housing. So, expect new measures to add to the recent GST rebate on rental properties, and the tax-free first home savings account . Measures could also address housing demand caused by high immigration levels, foreign students, and temporary foreign workers.
5. The carbon tax. The government previously announced a carbon price rebate and temporary carbon price exemption for certain Canadians. The 2024 federal budget could provide additional relief for some Canadians to address affordability concerns, but the tax won’t be going away as long as the current government is in place.
8. Green tax credits. Draft legislative proposals were released last December to implement certain clean economy tax credits for businesses. The budget will likely announce changes to these proposals in response to any comments the government may have received prior to the closing of consultations on Feb. 5, 2024.
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