Full text: Canada’s 2024 federal budget from Chrystia Freeland

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Canada’s 2024 federal budget has higher deficits, higher spending and higher taxes for the country’s wealthiest people. Finance Minister Chrystia Freeland introduced the budget as a spending plan designed for younger Canadians. Freeland tabled the budget Tuesday after already having revealed much of its contents in the weeks before. In her budget speech, Freeland said younger generations need help given the swift rise in housing costs and other inflationary pressures. Read the full budget document below, and find National Post’s full coverage here.

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Deputy Prime Minister’s Foreword

A fair chance to build a good middle class life — to do as well as your parents, or better — that’s the promise of Canada. For too many, especially for younger Canadians, that promise is at risk.

We have a plan to fix that. We have a plan to build a Canada that works better for you, where you can get ahead, where your hard work pays off, where you can buy a home — where you have a fair chance at a good middle class life.

First, we’re building more affordable homes. Because the best way to make home prices more affordable is to increase supply—and quickly. That’s why we’re cutting red tape and reforming zoning. We’re building more apartments and affordable housing across the country and unlocking public lands and vacant government offices to build homes for Canadians.

For Millennial and Gen Z renters, we’re restoring the chance to make progress towards homeownership. We’re creating more tax-free ways to save for your first down payment. We’re giving renters credit for rental payments, so when it comes time to apply for that first mortgage, you’ll have a better chance of qualifying.

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Second, we’re making life cost less. We’re strengthening Canada’s social safety net for every generation. $10‑a‑day child care is already saving young parents thousands of dollars a year—and offering more young Canadians the possibility of starting their own family. New programs to help with the cost of going to the dentist and pharmacy, including the cost of contraceptives and insulin, will further ease the financial burden. And we’re investing so our communities are great places to live, work, and raise a family.

Third, we are growing the economy in a way that’s shared by all. We have a plan that will increase investment, enhance productivity, and encourage the kind of game-changing innovation that will create good-paying and meaningful jobs and keep Canada at the economic forefront. We’re working to empower more of our best entrepreneurs and innovators to put their ideas to work here in Canada.

We are making Canada’s tax system more fair by asking the wealthiest to pay their fair share — so we can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to the next generations.

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Our government first came to office with a vow to strengthen and expand the middle class. We delivered on that pledge by reducing poverty, especially for children and seniors, and creating millions of good jobs for Canadians. Our work isn’t over.

Our renewed focus today is unlocking the door to the middle class for millions of younger Canadians. We’ll build more housing and help make life cost less.

We will drive our economy toward growth that lifts everyone up. Because that is what you have earned, and that is what you deserve. And that is what your parents and grandparents want for you, too.

The Honourable Chrystia Freeland, P.C., M.P.
Deputy Prime Minister and Minister of Finance

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