Milton, Ontario - The federal government recently delivered Budget 2024: Fairness for Every Generation.
It is a plan to build a Canada that works better for everyone, where younger generations can get ahead, where their hard work pays off, and where they can buy a home-where everyone has a fair chance at a good middle-class life.
Today, the Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities and Member of Parliament (Brampton West), alongside the Honourable Arif Virani, Minister of Justice and Attorney General of Canada and Member of Parliament (Parkdale-High Park), and Adam van Koeverden, Member of Parliament (Milton) and Parliamentary Secretary to the Minister of Environment and Climate Change and to the Minister of Sport and Physical Activity, are in Milton, Ontario, to highlight Budget 2024's investments that will grow small businesses. Through Budget 2024, the federal government commits to deliver over $2.5 billion directly to small and medium-sized businesses through the new Canada Carbon Rebate for Small Businesses.
The Government of Canada is also delivering for Canadian small businesses with the new Canadian Entrepreneurs' Incentive, providing entrepreneurs a combined exemption of at least $3.25 million when selling all or part of a business to ensure they benefit from the fruits of
their hard work while facing lower tax burdens. Budget 2024 also proposes to invest $200 million over two years, starting in 2026-27, in Canadian start-ups to increase access to venture capital for equity-deserving entrepreneurs, and to invest in underserved communities and outside key metropolitan hubs.
Budget 2024 is a plan to deliver fairness for every generation.
First, the budget takes bold action to build more homes. Because the best way to make home prices more affordable is to increase supply-and quickly. It lays out a strategy to unlock 3.87 million new homes by 2031. Key measures include launching the new Public Lands for Homes Plan and Canada Rental Protection Fund, enhancing the Canadian Mortgage Charter, and creating a new Canadian Renters' Bill of Rights.
Second, it will help make life cost less. The budget builds on the government's transformative expansion of Canada's social safety net-$10-a-day child care, dental care for uninsured Canadians, the first phase of universal pharmacare-and advances the government's work to lower everyday costs for Canadians. This includes helping to stabilizing the cost of groceries, cracking down on junk fees and lowering the costs of banking. Budget 2024 also makes transformative new investments, including a National School Food Program and the Canada Disability Benefit.
Third, this year's budget will grow the economy in a way that's shared by all. The government's plan will increase investment, enhance productivity, and encourage innovation. It will create well-paying and meaningful jobs, keep Canada at the economic forefront, and deliver new support to empower more of our best entrepreneurs and innovators. This includes attracting more investment in the net-zero economy by expanding and delivering the major economic investment tax credits, securing Canada's advantage as a leader in artificial intelligence, and investing in enhanced research grants that will provide younger generations with good jobs and new opportunities. And it means ensuring Indigenous peoples share in this growth in a way that works for them.
Budget 2024 will also make Canada's tax system fairer by asking the wealthiest to pay a bit more, so that the government can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to the next generations. Budget 2024 is a responsible economic plan that upholds the fiscal objectives outlined in the 2023 Fall Economic Statement, and sees Canada maintain the lowest deficit- and net debt-to-GDP ratios in the G7.
