Department of Finance Canada

  1. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Rechie Valdez, Minister of Small Business, highlighted Budget 2024: Fairness for Every Generation, the government’s plan to drive economic growth in a way that is shared by all. It is a plan to build a Canada that works better for every generation, where younger generations can get ahead, where their hard work pays off, and where they can buy or rent their own home—where everyone has a fair chance at a good middle class life.
  2. In Budget 2024, the Government of Canada reiterated its commitment to maintain liquid foreign reserves at or above three per cent of nominal gross domestic product.
  3. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Rechie Valdez, Minister of Small Business, highlighted Budget 2024: Fairness for Every Generation, the government’s plan to drive economic growth in a way that is shared by all. Budget 2024 is a plan to build a Canada that works better for every generation, where younger generations can get ahead, where their hard work pays off, and where they can buy or rent their own home—where everyone has a fair chance at a good middle class life.
  4. To start and scale-up a business, entrepreneurs need access to capital. In the early growth stages, accessing the necessary capital to make investments in their workforce, cutting-edge technologies, and new offices, labs, or manufacturing facilities can be difficult. While some entrepreneurs rely on venture capital or loans, the government recognizes funding is not available to all entrepreneurs, and even when available, may not be sufficient.
  5. Remarks by the Deputy Prime Minister on driving economic growth for workers
  6. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, highlighted Budget 2024: Fairness for Every Generation, the government’s plan to drive economic growth in a way that is shared by all.
  7. In Budget 2024, the government is helping to restore fairness for every generation by unlocking access to post-secondary education; investing in the skills of tomorrow; and creating new opportunities for younger Canadians to get the skills they need to get good jobs.
  8. The government’s economic plan is investing in the technologies, incentives, and supports critical for increasing productivity, boosting innovation, and attracting more private investment to Canada.
  9. We are driving the kind of economic growth that will ensure every generation of Canadians can reach their full potential.
  10. Budget 2024 lays out a bold strategy to unlock 3.87 million new homes by 2031. This includes a minimum of 2 million net new homes, on top of 1.87 million homes already expected to be built by 2031. Federal actions will support at least 1.2 million new homes, and the federal government is calling on all orders of government to build at least 800,000 more homes by 2031. The federal government’s plan provides incentives for all orders of government, as well as for private and non-profit sector partners, and will build more homes, make it easier to own or rent a home, and help Canadians who can’t afford a home, too.
  11. Budget 2024 takes action to protect our environment and strengthen our communities, making them safer and healthier places to live, work, and raise a family.
  12. Budget 2024 takes action to ensure Canada’s social safety net works for every generation, especially for Millennials and Gen Z.
  13. Key Measures in Budget 2024: Fairness for Every Generation
  14. A fair Canada is one where the government continues making meaningful progress in the journey of reconciliation by working in partnership with Indigenous Peoples. The federal government continues to prioritize its responsibility to help ensure First Nations, Inuit, and Métis communities have what they need to grow and succeed on their own terms. Budget 2024 invests in the next steps on the path of reconciliation.
  15. Canada is one of the wealthiest countries in the world. For generations, this has meant Canada is a place where everyone could secure a better future for themselves and their children. This is in no small part is due to our commitment to progressive taxation. In order to build a fair economy, everyone needs to pay their fair share. To restore fairness for every generation the government is investing in housing; in building the clean, innovative economy of the future; in child care, health care, dental care, and pharma care; in Canada’s security, and Canada’s future. The government is doing this so that young people can have the same opportunities as previous generations. Canada’s future success depends on their success. It is only fair that these important investments are funded by those who have benefited the most from all the opportunity that Canada has to offer.
  16. Small- and medium-sized businesses are an integral engine of Canada’s economy, and they employ about 64 per cent of Canadian workers. Entrepreneurs, local small business, start-ups, growing medium-sized businesses—everywhere in Canada, there are people with good ideas, ready to grow their businesses and create good jobs.
  17. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released Budget 2024: Fairness for Every Generation.
  18. It’s wonderful to be here today in Vaughan with the Prime Minister, with Minister Fraser, and with so many of our caucus and cabinet colleagues.
  19. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that, as part of Budget 2024, the federal government will make it easier for Canadian homeowners to increase the number of units in their homes.
  20. Our focus today is unlocking the door to the middle class for millions of younger Canadians. In all we do, we dedicate ourselves to making a better life within reach for our younger generations. Because it is what you deserve. And it is what your parents and grandparents want for you, too.
  21. Putting home ownership back within reach and supporting Canadian homeowners
  22. Volunteer firefighters and search and rescue volunteers play a critical role in protecting Canadians. Every year thousands of Canadians volunteer their time, and sacrifice their own safety, to keep their neighbours safe. Whether responding to flooding in Nova Scotia or wildfires in British Columbia, these volunteers continue to go above and beyond to help with firefighting and search and rescue.
  23. That is why, in the budget, we will be announcing a new, $500 million Youth Mental Health Fund. The Fund will help community mental health organizations across the country provide more access to mental health care for younger Canadians right in their communities.
  24. Over the coming days, and in the budget I will table later this month, we’ll reveal more of our no‑holds‑barred plan to wrestle down the costs of owning or renting a home.
  25. Today, the government announced Canada’s new Youth Mental Health Fund, which will help younger Canadians access the mental health care they need, by reducing wait times and providing more care options. This will help build a happier, healthier future for every generation.
  26. Today it is worth reminding ourselves why Canada steps up—why we devote time and treasure to foreign policy and defence. Why we send Canadian soldiers, sailors, aviators, diplomats, aid workers, intelligence officers, doctors, nurses, medics, and engineers into dangerous places, even when Canadian soil is not directly at risk.
  27. The Deputy Prime Minister will make a mental health announcement in advance of the 2024 federal budget.
  28. Remarks by the Deputy Prime Minister on securing Canada’s AI advantage
  29. One of the biggest pressures in Canada right now, one of the biggest pressures on Canadians right now, is housing. And we know that this is especially true for younger Canadians, for low-income workers, for single-parent families, for people with disabilities, for seniors on fixed incomes.
  30. That’s why I am so pleased to announce that, in the upcoming federal budget, we are going to top up the Apartment Construction Loan Program with a further $15 billion. That’s going to bring up the program’s total to more than $55 billion in funding.
  31. Remarks by the Deputy Prime Minister on growing communities and building more homes, faster
  32. Remarks by the Deputy Prime Minister on a new National School Food Program to set kids up for success
  33. Remarks by the Deputy Prime Minister highlighting the next step to universal access to free contraceptives
  34. With the tabling of the Pharmacare Act last month, the federal government is in the first phase of delivering a national pharmacare plan. This legislation paves the way to build a Canada that is not only equitable but more affordable for all.
  35. Today, as a next step in our plan, I am here to announce what we are doing to help young parents across Canada by improving access to affordable early learning and child care.
  36. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that the federal government will extend the 15-per-cent Mineral Exploration Tax Credit for investors in flow-through shares for an additional year, until March 31, 2025.
  37. Many younger Canadians had a tough introduction to their adult lives. Millennials coming of age in the early 2000s endured the chaos and challenge of the Great Recession. Many in Gen Z became adults during the Covid pandemic. Both generations have strived to pursue careers and start families in a time of high inflation, high interest rates, and high housing costs.
  38. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the announcement of the third investment by the Canada Growth Fund—a $50 million investment in Montréal-based Idealist Capital. This will help innovative clean tech businesses across Canada to scale-up their ideas into solutions that will create good jobs, grow the economy, and accelerate Canada and the world’s progress towards net-zero.
  39. Remarks by the Deputy Prime Minister at the Standing Committee on Finance regarding Bill C-59, the Fall Economic Statement Implementation Act, and Main Estimates
  40. And that’s why our government is working every single day to build more homes faster, and to make life more affordable for Canadians and their families.
  41. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, visited Hudson House in Victoria to highlight how Canada’s economic plan is building more homes, faster.
  42. And today, I have an announcement. I am really glad to announce that our government will be extending this two per cent cap on the excise duty for an additional two years.
  43. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Rechie Valdez, Minister of Small Business, announced that the federal government is delivering thousands of dollars in alcohol excise duty relief to Canadian businesses, particularly local craft breweries.
  44. On March 9, 2024, the federal government announced a two-year extension of the two per cent cap on the annual alcohol excise duty inflation adjustment, and a 50 per cent reduction for two years on excise duty rates for the first 15,000 hectolitres of beer brewed in Canada.
  45. The work you do here is so important, and I just want to start by recognizing that and thanking all the health care professionals across Canada, and a personal thank you to all the amazing people here at Women’s College Hospital.
  46. In advance of the 2024 federal budget, today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met with leading private sector economists to discuss their outlook on the Canadian and global economies, as well as to hear their views on the federal government’s economic plan to unlock pathways to the middle class for the next generation.
  47. The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will present Budget 2024 in the House of Commons Tuesday April 16, 2024, at approximately 4:00 p.m. ET.
  48. This week, the Government of Canada successfully issued its second green bond. This 10-year, $4 billion green bond fulfills the government’s commitment in the 2023 Fall Economic Statement to issue a $4 billion green bond in the 2023-24 fiscal year.
  49. In a moment, I will speak about the Canadian economy today and about how our economic plan is making life more affordable for Canadians.
  50. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, joined by the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, and the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced new action, as part of Canada’s economic plan, to build more homes, faster, and strengthen competition to lower prices for Canadians.