(TORONTO, ON) April 17, 2024 — Finance Minister Chrystia Freeland today announced the new 2024 Budget, marking her third budget presentation since the 2021 election. The new budget places a significant emphasis on housing and affordability, aiming to engage and support the youth demographic, a key target for the Liberal party.
Food, Health, and Consumer Products of Canada (FHCP) acknowledges the reflection of several of its major recommendations in the Budget. Key areas such as innovation and manufacturing have seen increased investments, which include immediate write-offs for investments in critical infrastructure like patents and data networks, and enhanced funding for the Scientific Research and Experimental Development (SR&ED) program.
Despite these advancements, the FHCP expressed disappointment over the lack of explicit support for the Grocery Code of Conduct and the limited expansion in Foreign Credential Recognition for industry professionals.
The Budget 2024 has allocated $8.5 billion of new spending on housing initiatives, the largest area of focus, contributing to a projected deficit of $38.9 billion. The budget also introduces measures aimed at supporting labour, extending employment insurance for seasonal workers, and boosting foreign credential recognition, particularly in the construction and health sectors.
In transportation and supply chains, the government has committed to launching the first-ever Canadian Survey on Interprovincial Trade to address interprovincial barriers. Tax adjustments include increasing the capital gains inclusion rate, which will impact high-earning individuals and corporations.
The budget also addresses healthcare integration for internationally educated professionals and lays the groundwork for a National Pharmacare Plan. Additionally, it includes funding for the National School Food Program, which aims to support nutrition and accessibility for students across Canada.
FHCP Vice President of Government Relations, Dennis Prouse, stated that "While the budget presents significant advancements in several sectors, we remain committed to advocating for broader support in areas like grocery inflation and foreign credential recognition."
Contact Information:
Dennis Prouse
Vice President, Government Relations
dennis.prouse@fhcp.ca