The much anticipated 2024 Federal Budget has been released by Finance Minister Chrystia Freeland today. The budget proposes $52.9 billion in new spending over five years, including $8.5 billion in new spending for housing. Before releasing the budget, the government laid out what it’s calling Canada’s Housing Plan — a pledge to “unlock” nearly 3.9 million homes by 2031. The government says two million of those would be net new homes and it believes it can contribute to more than half of them. As part of its push on housing, the federal government also says it’s looking at vacant land that could be used to build homes. It’s not yet committing to new measures but the budget says the government will consider introducing a new tax on residentially zoned vacant land.
Other highlights of the 2024 Budget include:
- Proposed funding of $6.1 billion over six years, beginning this fiscal year, and $1.4 billion per year ongoing, for a new Canada Disability Benefit to fulfill the Canada Disability Benefit Act promise of sending direct benefits to low-income, working-age people with disabilities.
- A promise to guarantee up to $5 billion in low-interest loans from financial institutions for Indigenous communities to participate in natural resource development and energy projects in their territories.
- New programs to help with the cost of going to the dentist and pharmacy, including the cost of contraceptives and insulin.
See the new budget for yourself on the government’s website: