Deputy Prime Minister Chrystia Freeland to Table Sweeping Budget Implementation Act, Capital Gains Tax Change Excluded

Deputy Prime Minister and Finance Minister Chrystia Freeland is set to introduce a comprehensive omnibus bill in Parliament, encompassing a wide range of measures outlined in the federal budget. However, notably absent from this legislation is the government’s proposed capital gains tax change, which has sparked controversy and debate.

The 663-page “Budget Implementation Act, 2024, No. 1” will cover various tax and legislative measures promised by the government, including significant reforms in areas such as housing policy, criminal law, and economic policies. While most of the provisions are tied to the federal budget, some promised reforms left out of previous economic legislation will also be incorporated.

Among the key policies and promises included in the bill are the launch of a national school food program, the enactment of the Canada Disability Benefit, and an increase in the Home Buyers’ Plan withdrawal limit for first-time buyers. Additionally, the legislation will address issues such as auto theft, predatory lending, and income tax deductions related to short-term rentals.

Despite the wide-ranging scope of the bill, the Liberals have rejected the characterization of their budget bills as omnibus, emphasizing their central economic theme and focus. This legislation will join other priority government bills aimed at implementing key measures outlined in the fall financial update.

As the bill progresses through Parliament, it is expected to face scrutiny and debate from opposition parties and stakeholders. The Senate is currently conducting a pre-study on the legislation to expedite its passage through the upper chamber. Stay tuned for updates on this developing story as it unfolds.