Key Measures in Budget 2024 by the Department of Finance, Canada
In Budget 2024, the Canadian government focuses on fairness for younger generations, aiming to restore and create new opportunities for Canadians.
More Homes: The government aims to unlock 3.87 million new homes by 2031. They plan to add 2 million new homes on top of the 1.87 million expected, with a focus on supporting at least 1.2 million of these new homes.
Student Aid: Student grants and interest-free loans will be extended, costing around $1.1 billion this year. This will benefit around 587,000 students with increased grants and 652,000 students with interest-free loans.
Housing Cost Support: The Canada Student Financial Assistance Program will update its housing cost calculation, providing more aid for rent to approximately 79,000 students yearly, totaling $154.6 million over five years.
Student Housing: Eligibility conditions for GST removal on new student residences will be relaxed, aiming to build more student housing and ease the rental market for young people.
Renters’ Rights: A Renters’ Bill of Rights will be developed with provinces and territories, aiming to protect renters from rent hikes and ensure fair treatment from landlords.
Credit for Rent Payments: Renters will get credit for on-time rental payments, potentially improving their credit scores for future financial endeavors.
Support for Entrepreneurs: $60 million will be allocated to Futurpreneur Canada to help young entrepreneurs start businesses, aiming to support around 6,250 additional businesses.
Job Creation: Initiatives like the Student Work Placement Program and Canada Summer Jobs will create more job opportunities for young people, including 90,000 youth job placements.
Mental Health Support: A $500 million investment will establish a Youth Mental Health Fund, ensuring access to mental health services for young people.
Coding Skills and After-School Learning: Investments will be made in programs like CanCode and after-school learning to equip students with coding skills and support their academic success.
Indigenous Education and Community Support: Significant investments will be made in First Nations education and supporting Indigenous communities in reclaiming jurisdiction over child and family services, aiming to ensure better outcomes for Indigenous children and youth.