The 2024 Canadian Federal Budget was released on April 16th. This year’s budget is focused on affordability, housing, and spending on social programs such as pharmaceutical care, daycare, and dentist care.
Peter and Jackie discuss the budget, including the size of the deficit and the planned increase in capital gains taxes. They also cover energy-related updates from the budget, such as changes to investment tax credit programs (ITCs), adjustments to the green home subsidy, and the announcement of an Indigenous Loan Guarantee Program. They also mention that the Canada Growth Fund, which has pledged $7 billion to carbon markets, now aims to provide more off-the-shelf support for decarbonization projects while continuing to support bespoke opportunities. Environment and Climate Change Canada (ECCC) also plans to collaborate with provinces to improve carbon markets. The budget includes commitments to develop guidelines for investing in green and decarbonization projects (called a taxonomy); it also encourages Canadian pension funds to invest more in Canada, with a working group set up to explore this further.
Content referenced in this episode:
- Canada Budget 2024
- RBC Report on if Canada's AAA credit rating is at risk
- Trevor Tombe: Why Raising Capital Gains Taxes Make Sense - Yes, Really (April 17, 2024, The Hub)
- Senior Business Leaders Support Proposal Asking Pension Funds to Invest More in Canada (March 6, 2024, Globe and Mail)
- Canada Energy Transition Taxonomy Roadmap (September 2022) by the Sustainable Finance Action Council (SFAC). Note that SFAC has submitted this roadmap, and it is not the official position of the Government of Canada.
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