The 2024 Fall Economic Statement
The 2024 Fall Economic Statement was presented on December 16, 2024, by the federal government. Below is a summary of the proposed tax measures.
It is important to note that these measures will only take effect once adopted by law and granted royal assent. The current political context makes the implementation of the proposed measures uncertain.
It is important to note that these measures will only take effect once adopted by law and granted royal assent. The current political context makes the implementation of the proposed measures uncertain.
Measures for Personal Income Tax
- Enhancement of the capital gains rollover period for small business shares.
- Exemption of the Canada Disability Benefit from taxable income calculation.
- Expansion of eligibility for the Rural Supplement under the Canada Carbon Rebate.
- Deductions for residents of remote regions.
Measures for Corporate Income Tax
- Enhancement of the scientific research and experimental development (SR&ED) tax incentive program.
- Several proposed modifications to the investment tax credit.
- Extension of the Accelerated Investment Incentive and immediate expensing measures.
- Adjustment to the Canada Carbon Rebate for small businesses.
Other Tax Measures
- Changes to reporting requirements for non-profit organizations.
- Confirmation of multiple previously announced measures.
We Can Help
Your advisor at Forvis Mazars Canada can help you assess the impact of the tax changes announced in the 2024 Fall Economic Statement on your personal finances or business this year.