Federal Budget 2024: Previously Announced Measures

Budget 2024 confirmed the government’s intention to proceed with the following previously announced tax and related measures, as modified to consider consultations, deliberations and legislative developments, since their release.

• Legislative proposals released on March 9, 2024, to extend by two years the 2% cap on the inflation adjustment on beer, spirit and wine excise duties, and to cut by half for two years the excise duty rate on the first 15,000 hectolitres of beer brewed in Canada.
• Legislative proposals released on December 20, 2023, including with respect to the following measures:
  • the clean hydrogen investment tax credit and clean technology manufacturing investment tax credit;
  • bona fide concessional loans;
  • denial of expenses for certain short-term rentals;
  • vaping excise duties; and
  • international shipping.
• Legislative and regulatory proposals announced in the 2023 Fall Economic Statement, including with respect to the following measures:
  • the Canadian journalism labour tax credit;
  • proposed expansion of eligibility for the clean technology and clean electricity investments tax credits to support generation of electricity and heat from waste biomass;
  • the addition of psychotherapists and counselling therapists to the list of health care practitioners whose professional services rendered to individuals are exempt from GST/HST;
  • proposals relating to the GST/HST joint venture election rules;
  • the application of the enhanced GST rental rebate to qualifying co-operative housing corporations; and
  • proposals relating to the underused housing tax.
• Regulatory proposals released on November 3, 2023, to temporarily pause the federal fuel charge on deliveries of heating oil.
• Legislative and regulatory amendments to implement the enhanced GST rental rebate for purpose-built rental housing announced on September 14, 2023.
• Legislative proposals released on August 4, 2023, including with respect to the following measures:
  • carbon capture, utilization and storage investment tax credit;
  • clean technology investment tax credit;
  • labour requirements related to certain investment tax credits;
  • enhancing the reduced tax rates for zero-emission technology manufacturers;
  • flow-through shares and the critical mineral exploration tax credit – lithium from brines;
  • employee ownership trusts;
  • retirement compensation arrangements;
  • strengthening the intergenerational business transfer framework;
  • the income tax and GST/HST treatment of credit unions;
  • a tax on repurchases of equity;
  • modernizing the general anti-avoidance rule;
  • providing relief in relation to the GST/HST treatment of payment card clearing services;
  • extending the quarterly duty remittance option to all licensed cannabis producers;
  • including revised luxury tax draft regulations to provide greater clarity on the tax treatment of luxury items; and
  • excessive interest and financing expenses limitations.
• Legislative proposals released on August 9, 2022, including with respect to the following measures:
  • substantive Canadian-controlled private corporations;
  • remaining legislative and regulatory proposals relating to the GST/HST,
  • excise levies and other taxes and charges announced in the August 9, 2022 release;
  • legislative amendments to implement the hybrid mismatch arrangements rules announced in Budget 2021; and
  • regulatory proposals released in Budget 2021 related to information requirements to support input tax credit claims under the GST/HST.