Federal budget 2024: What you need to know

The federal government continued to raise taxes on the wealthy in the 2024 federal budget, finally targeting the capital gains inclusion rate — entrepreneurs, however, got a break. The budget also dealt with several loose ends, confirming the Liberals’ intentions for the alternative minimum tax and employee ownership trusts.

Other highlights include tweaks to the Canada Pension Plan, RESPs and the Canada Child Benefit, and funding for free financial advice.

Read all about these and other issues that matter to advisors.

Feds fix AMT regime

Capital gains inclusion rate raised to 66.6% for high earners

Budget 2024 expands CPP benefits

Feds clarify requirements for EOT tax exemption on capital gains

Budget extends Canada Child Benefit, sets up autoenrollment for RESPs

Canada Disability Benefit gets $6.1B in funding

CRA receives boost from Budget 2024

Entrepreneurs to get tax break on capital gains inclusion

What advisors need to know about Budget 2024

Registered plans could see changes in allowed investments

Canada to require cryptoasset reporting by 2027