Experts: Canadian federal budget 2024 (2024)

Finance Minister Chrystia Freeland will present the next budget in the House of Commons on April 16, with the government facing considerable political pressure over the economy. Ms. Freeland says the economic plan will be about “building more homes, faster, making life more affordable and creating more good jobs.” (The Globe and Mail)

Here are some experts from McGill University who can comment on this topic:

Political analysis

Daniel Béland, James McGill Professor, Department of Political Science and Director, McGill Institute for the Study of Canada

“This year, the Trudeau government decided to announce many components of the federal budget ahead of time so that they receive more media attention than usual. In this context, will budget day prove anticlimactic, as much of the budget’s content will have been announced long in advance? More importantly, will the budget and all the pre-budget announcements help the Liberals in the polls? Finally, how will new spending initiatives affect the fiscal situation of the federal government, especially the size of the budget deficit?”

Daniel Béland is the Director of the McGill Institute for the Study of Canada and James McGill Professor of Political Science. He specializes in the fields of Canadian and comparative politics, as well as the study of public policy, including social policy. 

daniel.beland [at] mcgill.ca (English, French) 

Spending strategy

Christopher Ragan, Associate Professor and Director, Max Bell School of Public Policy  

“As the federal government prepares its budget for 2024, fiscal prudence suggests that any new spending plans be matched by similar-sized spending reductions on lower-priority items. The government needs to ensure that our debt-to-GDP ratio remains low so that it is well placed to respond to the next crisis, whatever it may be.”

Christopher Ragan is an Associate Professor and Director of the Max Bell School of Public Policy. His areas of expertise include carbon pricing, macroeconomics, inflation, and fiscal policy.  

christopher.ragan [at] mcgill.ca (English)  

Bill of Rights for renters

Pearl Eliadis, Associate Professor, Max Bell School of Public Policy

“The federal Bill of Rights for renters covers provincial issues and will require the provinces to play along. If implemented, they may be helpful, but will likely have little impact. What is needed is strong ‘right to housing legislation’ beyond the 2019 federal law, to create across-the-board rent control, clear government targets and goals to build housing—especially social housing—with sanctions against governments that do not comply, a legal duty to assist people at risk of homelessness, curbs on financialization, and stronger due process protections against evictions. We need to move beyond tinkering at the edges.”

Pearl Eliadis is an Associate Professor at the Max Bell School of Public Policy and the Faculty of Law. She is also a member of the Centre for Human Rights and Legal Pluralism and a member of the Steering Committee of the Quebec Homelessness Prevention Policy Collaborative and co-chairs its research stream on gender.

pearl.eliadis [at] mcgill.ca (English, French)

Affordable housing

Avi Friedman, Full Professor, School of Architecture

“The allocation of $6 billion to affordable housing is a step in the right direction. However, much more needs to be done on two fronts: speed up the construction process and streamline the approval process at the municipal level, where most implementation decisions are made.”

Avi Friedman is a Full Professor at the Peter Guo-hua Fu McGill School of Architecture, where he directs the Affordable Homes Research Group. His research interests focus on factors which influence the design and implementation of affordable and sustainable building practices at the unit and community levels, including market acceptance, construction, circular economy and resource efficiency.

avi.friedman [at] mcgill.ca (English, French)

Daycare funding

Sheryl Smith-Gilman, Associate Dean of Academics, Faculty of Education

“Trudeau's recent announcement regarding the implementation of a $10-a-day childcare subsidy and increased investment in daycare programs will undoubtedly be a tremendous but necessary undertaking. Access to affordable childcare is not only crucial for supporting working parents but also for promoting the healthy development and well-being of young children. By taking inspiration from successful models like Quebec's, Canada can move closer to achieving universal access to high-quality childcare for all families.”

Sheryl Smith-Gilman is the Associate Dean of Academics in the Faculty of Education and a faculty lecturer in the Department of Integrated Studies. Her research focuses on early childhood pedagogy, arts and cultural identity in early learning, as well as teacher education and professional development in early childhood education. 

sheryl.smithgilman [at] mcgill.ca (English)

Experts: Canadian federal budget 2024 (2024)

FAQs

Will there be a grocery rebate in Canada in 2024? ›

The Canada Revenue Agency (CRA) has not yet announced a grocery rebate for 2024. However, as low-income Canadian households struggle to meet monthly expenses, a similar rebate can be expected soon.

What is the $300 federal payment in Canada 2024? ›

In 2024, the Canadian government started the $300 Federal Payment to help people who do not earn much money. This payment is for people who need extra support to live well. To get this money, you must apply on the official website, www.canada.ca, and give your details.

How big is the budget for Canada in 2024? ›

Canada's Deputy Prime Minister and Finance Minister Chrystia Freeland delivered the 2024 Federal Budget in the House of Commons on April 16, 2024. The budget proposes more than $52.9 billion in new spending over the next five years.

How much will the Canadian budget for disability in 2024? ›

In Budget 2024, the federal government launched the Canada Disability Benefit, to help improve the financial well-being of over 600,000 low-income persons with disabilities by delivering up to $2,400 in direct support every year.

What is the new $1200 benefit in Canada? ›

This $1,200 Extra for Low-Income Seniors by CRA is part of the Government's program that offers monthly assistance to eligible seniors with low incomes. These extra 1.2K CAD benefits are made as tax-free benefits and delivered to those who are eligible for the Canada Pension Plan and Old Age Security.

What is the limit of bringing back food from United States to Canada? ›

Items from the United States
ProductRestrictions and requirementsNew maximum quantity limits for personal use exemption (per person)
Multi-ingredient foodsNone20 kg (if measured by weight) 20 L (if measured by volume)
Non-alcoholic beveragesNone50 L
Nuts, grains, seedsRefer to AIRS20 kg
Oils (food grade)N/A50 L
17 more rows
Apr 10, 2024

Will seniors get a raise in 2024 in Canada? ›

Next payment adjustment – July to September 2024

Based on changes in the Consumer Price Index (CPI), OAS benefits will increase by 0.7% for the July to September 2024 quarter, for an increase of 2.8% over the past year, from July 2023 to July 2024.

What is considered middle class in Canada? ›

A middle class annual income in Canada is considered to be anything between $53,359 and $106,717. Someone with a middle class income earns between 75% and 200% of the median household income after tax.

What are the new tax laws in Canada 2024? ›

Budget 2024 proposes to increase the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in the year that exceed $250,000 for individuals, for capital gains realized on or after June 25, 2024.

What is low income in Canada? ›

Following the practice of many international organizations, Statistics Canada began to publish Low-income measure-based thresholds (LIMs) in 1991. The concept underlying the LIM is that all persons in a household5 have low income if their adjusted household income falls below half of the median adjusted income.

Who is eligible for the New Canada disability benefit? ›

The disability benefit is a monthly payment you can get if you: are under 65. contributed enough to the Canada Pension Plan. have a mental or physical disability that regularly stops you from doing any type of substantially gainful work.

What is the debt of Canada in 2024? ›

The total stock of market debt is projected to reach $1,441 billion by the end of 2024-25 (Table A2. 2). Sources: Bank of Canada; Department of Finance Canada calculations.

What is the personal exemption for 2024 in Canada? ›

Basic personal amount: The basic personal amount for 2024 is $15,705 for taxpayers with net income of $173,205 or less.

How much do groceries cost per year in Canada? ›

The average food cost per month for a woman aged 19 to 30 years old (that's me) was about $297 in 2022. That's $3,564 per year. Men in the same age group spent $529 more for the year, at $4,093 total. A family of four (two adults and two kids, aged 14–18 and 9–13) spent an average of $15,223 for the year.

What is Canada rebate? ›

The Canada Carbon Rebate (CCR) is a tax-free benefit to help eligible individuals and families offset the cost of the federal pollution pricing. The rebate is paid to eligible Canadians in provinces that are impacted by the federal carbon pricing.

Are groceries getting more expensive in Canada? ›

What's more, April was the third month in a row since October 2021 that grocery prices increased at a slower rate than headline inflation. However, prices are still uncomfortably high; StatsCan notes that from April 2021 to April 2024, prices for food purchased from stores increased 21.4%.

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