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2024 Federal Budget summary

— Wealth Management Taxation, Scotia Capital Inc.

April 18, 2024

On April 16, 2024, in Ottawa, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the 2024 Federal Budget (2024 Budget), titled “Fairness For Every Generation.”

The federal government has focused this year’s budget on three overarching pillars: building more affordable homes, making life cost less and growing the economy in a way that’s shared by all.

Please note that this is not a comprehensive review of the 2024 Budget. Rather, we have provided a summary of the most significant tax measures announced in the budget and the potential impact on you, your family, and your business.

Please also note that the measures introduced in the 2024 Budget are only proposals at this time and may not be enacted into law as described, or at all. You should consult with your tax and legal advisors for further discussion and analysis on how these proposals may affect your situation and before implementing any tax planning strategies.

The 2024 Budget does not contain any changes to personal or corporate income tax rates. However, it is notable that the 2024 Budget does contain a change to the capital gains inclusion rate for capital gains realized on or after June 25, 2024.

Wealth transfer: Addressing challenging conversations within the family

— Scotia Wealth Management

April 2, 2024

Wealth is a complex topic to navigate, particularly within a family context. Many families are unprepared to discuss money with each other in terms of amounts and future plans, and many others are uncomfortable with it altogether. What’s more daunting is when estate plans and legacies are at stake.

Avoiding these subjects can have serious repercussions down the line. Primarily, they create rifts in communication that often result in confusion and uncertainty. Starting the conversation now, however, can have a profound impact on the success of a wealth transfer and have a positive impact on the financial status and mental health of everyone involved.

So, what causes people to shy away from this kind of discussion? One pervasive reason is the approaches different generations take toward financial literacy.