The 2024 Canadian federal budget has been unveiled, with a particular focus on affordability and housing this year. But the 430 page plan covers a wide gamut of other spending details – from defence, tax hikes, generational fairness and much more. Making sense of it all can be overwhelming.
We’ll cover all the key points of this year’s budget and explain how it will affect your wallet and financial prospects. A team of Globe and Mail journalists – senior political reporter Marieke Walsh, real estate reporter Rachelle Younglai, Report on Business reporter Mark Rendell and personal finance expert Rob Carrick – join The Decibel to explain what you need to know.
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The federal budget is a crucial piece of legislation that outlines how the government plans to spend taxpayer money in the upcoming year. For many, the budget can seem like a complex and daunting document, but understanding its implications is essential for all citizens. So, what does the 2024 federal budget mean for you?
One of the biggest impacts of the federal budget is on taxes. The budget sets out how much the government plans to collect in taxes and how that money will be spent. For many individuals and families, changes in tax rates or deductions can have a significant impact on their financial situation. For example, if the budget includes tax cuts for certain income brackets, you may see your tax bill decrease. On the other hand, if taxes are raised or deductions are eliminated, you could end up paying more to the government.
In addition to taxes, the federal budget also determines how much money will be spent on programs and services that affect your daily life. This can include everything from healthcare and education to transportation and national defense. For example, if the budget includes increased funding for healthcare, you may see improvements in services or lower out-of-pocket costs. Conversely, if funding for education is cut, you may see larger class sizes or fewer resources for students.
Furthermore, the federal budget can also impact the overall economy. Government spending can stimulate economic growth and create jobs, while cuts in spending can lead to economic downturns. For businesses and individuals alike, a strong economy is crucial for financial stability and prosperity.
Overall, the 2024 federal budget will have wide-ranging effects on individuals and families across the country. It is important to pay attention to the budget and understand how it will impact you personally. By staying informed and engaged with the budget process, you can advocate for policies that align with your values and priorities. After all, the federal budget is not just a collection of numbers—it is a reflection of our collective priorities and values as a society.
Wow Wow, AI is so advanced now. It sounds like two people talking to each other.
The panic spending during the pandemic is comparable to the panic spending of the liberal government in aid of re election
Halal Mortages??????????? I wish my Religion prevented me from being charges immoral interest on owning a home.
More Rich people crying about being asked to contribute back into a society they have benefited so much from. 50% of Canadians barely survive month to month, 25% more are homeless and the rest are living large off of the backs of everyone else.
Mean you will have less, faster!
Cut spending ，period
Trudeau caused the affordability problem in the first place and now promises to fix the problems he's created. The rental buildings created have super high rents that no one can afford anyway. I'll be voting Conservative next election.
Time to pack up the kids and move elsewhere. There’s no future here for the next generation.
Freeland is stealing some ideas from he Conservatives in selling off federal land for housing. None of the ideas dreamed up by the Libs exclusively are worth a pound of salt.
It means Phyllis Freeload hasn’t a fkn clue as our deputy pm and finance minister. More taxation, more spending, more debt with no repayment plan.
Most expensive words are: I’m from the government and I’m here to help.
We are spending 1 billion per week in interest payments on all this debt. This will compound even more over time. This government is stealing from us and our children’s future. I despise Trudeau. He must be removed.