Federal Fall Economic Statement 2024

The deficit is projected to be $61.9 billion,  $21.9 billion over what was projected in the budget. 

The 2024/25 deficit is now projected to be $48.3 billion, it was originally projected to be $39.8 billion. 

$1.3 billion on a “cutting edge” border security package for Public Safety Canada, the Canada Border Services Agency, the Communications Security Establishment and the RCMP. 

The previously announced GST/HST break for holiday essentials such as groceries, restaurant meals, children’s clothing and gifts. 

$600 million for the RCMP’s gun buyback program. 

Accelerating $2 billion in low-cost financing through the Apartment Construction Loan Program, supporting 4,000 homes to be built faster. 

$50 million over two years, starting in 2025-26, through the Affordable Housing Fund for affordable housing providers to use for pre-development work. 

Introduction of the Canada Greener Homes Loan Program to deliver an additional $600 million in interest-free loans for homeowners to reduce energy costs. 

Doubling the loan limit for the Canada Secondary Suite Loan Program to $80,000. 

A fourth $1 billion round of funding for the Venture Capital Catalyst Initiative (VCCI). 

Expansion of the Scientific Research and Experimental Development (SR&ED) program with new eligibility requirements and tax incentives. Under this, businesses will be able to claim capital expenditures. Public companies will also be permitted to claim the 35 per cent tax incentives for research and development - up from 15 per cent. 

An increase of the annual expenditure limit for the SR&ED tax credit, allowing companies to claim up to $1.575 million per year. 

Eligibility for the SR&ED credit has also been expanded with an increase to the prior-year taxable capital phase-out thresholds for the enhanced credit from $10 million and $50 million to $15 million and $75 million.

Removing the 30 per cent rule that currently restricts Canadian pension funds from owning more than 30 per cent of the voting shares of a Canadian entity. 

Bolstering Canada’s AI industry by developing a program that would provide up to $45 billion in aggregate loan and equity investments for AI data centre projects in which Canadian pension funds are investors. 

Design and implementation details of the EV Supply Chain investment tax credit which provides a 10 per cent refundable tax credit rate for eligible building properties related to three segments of the EV supply chain–EV assembly, EV battery production and cathode active material production. 

Working with the Canada Mortgage and Housing Corporation to explore options for using mortgage loan insurance to support the construction of more two-to-four-unit homes.

Fully reinstating the Accelerated Investment Incentive, as well as immediate expensing for manufacturing or processing machinery and equipment, clean energy generation and energy conservation equipment and zero- emission vehicles.

Expanding the Clean Hydrogen investment tax credit to include hydrogen produced from methane pyrolysis.

Restricting the use of non-compete agreements to protect workers’ rights, promote labour mobility and boost innovation. 

A commitment to an additional multimodal bridge over the Ottawa River.

Exploring potential changes to airport authority ground leases. 

Intent to introduce legislative amendments to grant CBSA new authorities to inspect goods destined for export to crack down on auto theft. 

Intent to introduce the Small Business and Innovation Procurement Act that would obligate federal government departments and agencies to procure a minimum of 20 percent goods and services from small-and-medium sized Canadian businesses.