🇨🇦 Federal Budget 2024 – Investing in you and your family

This week, our Liberal government released the 2024 Federal Budget: Fairness for Every Generation. I am pleased to share with you the wide range of initiatives that were strengthened or introduced, with the goal of supporting Canadians when they need it most. From seniors and families to students and entrepreneurs, there is something for everyone. Here are just some of the highlights:  

 

Investing in the Next Decade of Universal Health Care:  

 

Building on the unprecedented investment of $200 billion over the next decade to support provincial healthcare programs, Budget 2024 also delivers:   

 

• National Pharmacare Plan: Budget 2024 includes the introduction of a new pharmacare plan with $1.5 billion in funding over five years to cover essential medications, increasing access to necessary health care services without the worry of high costs. The initial roll-out of this plan will include lifesaving medicines such as insulin for the 3.7 million Canadians with diabetes and free contraceptives for women, regardless of income.  

• Recognizing Foreign Credentials for Health Care Professionals: Red tape is holding back tens of thousands of doctors, nurses, and other health care professionals.  We are investing $50 million over two years in creating training positions, increasing assessment capacity, and providing support to navigate credential recognition systems, so that these professionals can do what they have trained to do – provide healthcare to those who need it. 

 

Support for Parents and Children:  

 

• National Child-Care Program: We are expanding access to affordable child-care, significantly reducing costs for families, and enabling more parents to pursue their careers.  
   
• Enhanced Support for Youth: With a $500 million investment (over 5 years) in the Youth Mental Health Fund and an additional $351.2 million aimed at creating employment opportunities, we are committed to supporting our youth in their educational and professional journeys. 
   
• $1 Billion to Launch a National School Food Program: We are investing in school meals right here in our community, and across Canada, making sure no child goes hungry at school. This means more children will get the nutritious meals they need to succeed in school, and in life. The money will flow through existing local organizations and non-profits that have proven their efficacy and know their community needs best. 
   
• Boost in Student Grants and Loans: We are extending increased student grants and loans with an estimated investment of $1.1 billion. The support will benefit students across Canada, and here in our community of Vaudreuil-Soulanges, by providing them with the necessary financial support to continue their education without undue financial stress. * In Quebec, this translates to the money being provided to the province who manages a student loans and bursary program.  

 

 

  

• Strengthened Support for Seniors: The budget includes increased funding for health care and long-term care, ensuring that our seniors continue to enjoy a secure and dignified retirement. 
   
• Enhanced Legal Aid and Worker Benefits: Canadians will benefit from a $440 million investment over 5 years in legal aid services in the Justice system. Additionally, enhancements to the Canada Workers’ Benefit will ensure more income support to low-income workers. 
   
• $722 Million Boost for Workers with Disabilities: The government is investing $722 million to enhance job training and employment opportunities for individuals with disabilities. This initiative focuses on skill development and work experience, promoting equal employment opportunities and community inclusion. 

  

  

• Affordable Housing: The government's strategy includes a robust plan to unlock 3.87 million new homes by 2031, focusing on affordability and accessibility to ensure young families can find suitable housing. 

• Aligning Immigration with Housing Capacity: Announced in Budget 2024, it will ensure a well-managed, responsive, and sustainable immigration system that will help balance housing supply with housing demand.  

• Credit for Paying Rent: This will help renters more easily qualify for a mortgage, and maybe even at a lower rate, by establishing the expectation that lenders take on-time rental payment history into account when performing credit evaluations for mortgage applications. 

• Increasing the Home Buyers’ Plan: We will increase the plan from $35,000 to $60,000 to enable first-time home buyers to use the tax benefits of an RRSP to save up to $25,000 more for their down payment faster. 

  

  

• Tax Incentives and Support for Entrepreneurs: Key measures include increased capital gains exemptions, which are designed to fuel entrepreneurship and business growth. 
   
• Recognition of International Credentials & Streamlining Foreign Credential Recognition: To ensure that skilled professionals can contribute effectively to our economy, we are implementing measures to recognize international credentials more efficiently. This initiative aims to integrate internationally educated professionals into the workforce, address employment in their chosen fields, and enhance Canada’s productivity. 
   
• Empowering Young Entrepreneurs: We are proposing to invest $60 million over 5 years for Futurpreneur Canada to provide young entrepreneurs with access to financing, mentorship, and other supports to help them grow their business. 

  

Safer, Healthier Communities: 

  
 

Volunteer Firefighters and Search and Rescue Volunteers: Recognizing the important work volunteer firefighters do in our community of Vaudreuil-Soulanges and across Canada, Budget 2024 will double their tax credits. 

  

Combatting hate so that together, we can build a fairer, safer Canada for every generation. 

• Proposing $273.6 million for Canada’s Action Plan on Combatting Hate to support community outreach and law enforcement reform, tackle the rise in hate crimes, enhance community security, counter radicalization, and increase support for victims. 
• Proposing $7.3 million to address the rise in Antisemitism. 
• Proposing $7.3 million to address the rise in Islamophobia. 

  

Keeping our streets safe by taking assault weapons off our streets: with a proposed investment of $30.4 million for the buyback of assault-style firearms, sourced from existing departmental resources. 

  

Building a Greener Canada: 
 

  

Investment in Environmental Sustainability: Significant funding has been allocated towards the conservation of 30% of Canada’s nature by 2030, the ongoing clean energy transition, and the support of green infrastructure projects. The budget also includes $607.9 million over two years, starting in 2024-25 to top up the electric vehicle (EV) subsidy program, that will ensure Canadians looking to purchase an electric vehicle can access $7000 in purchase subsidies from the Government of Canada for years to come.  

  

These are just some of the initiatives aimed at building a fairer, more prosperous Canada where every Canadian has the opportunity to prosper and succeed.  

 

To learn more about the 2024 Federal Budget, I encourage you to visit: Budget.Canada.ca 

  

Should you have any questions or need further information please do not hesitate to reach out. My team and I are here to make sure you can get the most of these investments and opportunities.  

 

With warm regards,