Overview

The highly anticipated 2024 Canadian federal budget was tabled by Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland on Tuesday, April 16, 2024. This budget brings with it a new wave of economic focus through a number of tax measures, including:  

The tax highlights proposed in Budget 2024 include:

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Tab 1

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

While Budget 2023 did not include changes to federal personal or corporate tax rates, it does propose to broaden the alternative minimum tax (AMT) by disallowing certain deductions and increasing the AMT capital gains inclusion rate from 80% to 100%, among other adjustments.  Budget 2023 also proposed changes to the Income Tax Act (Canada) (the Tax Act) to allow employee ownership trusts to acquire and hold shares of a business. 

Read more at page link.

Tab 2 

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

While Budget 2023 did not include changes to federal personal or corporate tax rates, it does propose to broaden the alternative minimum tax (AMT) by disallowing certain deductions and increasing the AMT capital gains inclusion rate from 80% to 100%, among other adjustments.  Budget 2023 also proposed changes to the Income Tax Act (Canada) (the Tax Act) to allow employee ownership trusts to acquire and hold shares of a business.

Read more at page link.

Tab 3

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

While Budget 2023 did not include changes to federal personal or corporate tax rates, it does propose to broaden the alternative minimum tax (AMT) by disallowing certain deductions and increasing the AMT capital gains inclusion rate from 80% to 100%, among other adjustments.  Budget 2023 also proposed changes to the Income Tax Act (Canada) (the Tax Act) to allow employee ownership trusts to acquire and hold shares of a business.

Read more at page link.

Tab 4

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

While Budget 2023 did not include changes to federal personal or corporate tax rates, it does propose to broaden the alternative minimum tax (AMT) by disallowing certain deductions and increasing the AMT capital gains inclusion rate from 80% to 100%, among other adjustments.  Budget 2023 also proposed changes to the Income Tax Act (Canada) (the Tax Act) to allow employee ownership trusts to acquire and hold shares of a business.

Read more at page link.

Tab 5

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

In particular, Budget 2023 included proposed new tax credits for clean electricity, clean technology manufacturing and processing, and critical mineral extraction and processing. In addition, Budget 2023 provided additional details on previously announced green credits, including the labour conditions required to claim the full 30% rate under the clean technology investment tax credit and the clean hydrogen investment tax credit.

While Budget 2023 did not include changes to federal personal or corporate tax rates, it does propose to broaden the alternative minimum tax (AMT) by disallowing certain deductions and increasing the AMT capital gains inclusion rate from 80% to 100%, among other adjustments.  Budget 2023 also proposed changes to the Income Tax Act (Canada) (the Tax Act) to allow employee ownership trusts to acquire and hold shares of a business.

Read more at page link.