An Act to implement certain provisions of the budget tabled in Parliament on April 16, 2024
Budget Implementation Act, 2024, No. 1. Royal assent June 20, 2024 (S.C. 2024, c. 14). Implements key measures from the April 16, 2024 federal budget. Key provisions: increase in the capital-gains inclusion rate from 50% to 66.67% on amounts over $250,000 per year for individuals and on all capital gains for corporations and most trusts (effective June 25, 2024; rescinded by the Carney government in 2025), the Canadian Entrepreneurs' Incentive (lifetime capital-gains inclusion-rate reduction for qualifying small-business owners), expansion of the Home Buyers' Plan withdrawal limit to $60,000, launch of the Canada Disability Benefit regulations, the Canada Carbon Rebate for Small Businesses, and the digital-services tax framework. Sponsored by Chrystia Freeland as Minister of Finance.
Status
Quick learn
Turned the spring 2024 federal budget into law. The most-talked-about change was the higher capital-gains tax rate; the Carney government reversed that in 2026. Most of the rest of the bill is technical fixes.
Issues this bill touches
- Tax & Fiscal Policy
BIA 2024 No. 1: implements the April 2024 federal budget.
Legislative history
- Introduced
Tabled in the originating chamber by the sponsor.
View source - First reading
First reading in the House of Commons.
View source - Second reading
Second reading in the House of Commons.
View source - Third reading
Third reading in the House of Commons.
View source - First reading
First reading in the Senate.
View source - Second reading
Second reading in the Senate.
View source - Royal assent
Approved by both chambers and granted royal assent; now law.
View source - Third reading
Third reading in the Senate.
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Sponsored by
Chrystia FreelandLIBERALOfficial source
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