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Federal Budget - 2024

Updated: May 6

Federal government has released its new budget for 2024-2025 on April 16th, 2024, we would like provide a brief summary of the changes and attached the budget with an official National Bank commentary.

Economic Situation: Canada's economy is facing challenges due to rapid population growth and tight monetary policies. The government aims to address these issues by focusing on housing in the budget.

  1. Budget Priorities: The main focus of the budget is on housing, with plans to build millions of new homes by 2031. Additionally, there are measures to improve affordability for renters and first-time homebuyers, along with investments in mental health, childcare, and education.

  2. Tax Changes: The government plans to increase taxes for high-income earners and corporations to fund new spending initiatives. This includes changes to capital gains taxes and introducing new taxes on digital services.

  3. Debt and Deficit: While the budget increases spending, it also aims to gradually reduce the deficit over time. However, the debt-to-GDP ratio is expected to remain high, and the government will need to issue significant amounts of bonds to finance its spending.

  4. Debt Management: The government plans to borrow over $500 billion in the coming year, with a focus on issuing bonds of various maturities. There will also be continued efforts to manage debt through buybacks and green bonds.

Overall, the budget aims to address pressing social and economic issues while managing the country's finances responsibly.

National Bank - Federal Budget 2024 Commentary
Download PDF • 289KB

Federal Budget_2024
Download PDF • 1.17MB

Your Creed Capital Management Group

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