On April 16, 2024, the Government of Canada released its 2024 Federal Budget. Policy experts from the Canadian Chamber of Commerce have reviewed the budget in detail, and we're sharing their perspectives.

"Today’s budget contains few surprises. Most of the major new spending was announced by the government over the last few weeks, and the government’s projections for the deficit are largely in line with previous predictions. Instead of using a revenue windfall to reduce the deficit more quickly, the government chose to use it along with changes to the capital gains tax, to fund this new spending.

What’s still missing is a clear plan to promote productivity and restore economic growth in Canada. Canada continues to slip further behind our competitors in both of these categories.

Our lagging productivity and stalled GDP growth means Canadians are becoming collectively poorer and working harder to just remain where they are today. Among the positive announcements in today’s Budget, we’re happy to see a focus on streamlining internal trade. Strengthening our internal trade could elevate GDP growth by up to 8% and fortify Canada’s economic foundation. It shouldn’t be easier to trade with Europe than it is within our own country."

~ Perrin Beatty, President and CEO, Canadian Chamber of Commerce

Capital Gains

"Canada must end the cycle of tax and spend politics. Fueling economic growth is the key to making improving quality of life and affordability for Canadians. 

We oppose any measure which will increase the costs for businesses and Canadians when both are currently experiencing challenging economic headwinds. Throttling the success of Canadian businesses with new taxes will limit opportunities and employment for Canadians, putting economic growth and productivity even further out of reach. We will continue to consult with Canadian businesses to understand the full impacts of today’s capital gains tax increase."

~ Jessica Brandon-Jepp, Senior Director, Fiscal and Financial Services Policy

Digital Services Tax

"The Canadian Chamber was disappointed to see the government double down on the harmful and punitive Digital Services Tax in today’s budget.  This tax will affect far more than just large multi-national corporations:  if enacted, the DST will ripple across the Canadian economy to affect many small and medium businesses, and hurt Canadians."

Jessica Brandon-Jepp, Senior Director, Fiscal and Financial Services Policy 

Housing

"Today’s Budget helped us move in the right direction on a long road to housing affordability. The Canada Housing Infrastructure Fund addresses a critical and often overlooked requirement for the creation of new housing, while putting a freeze on new development charges that persistently drive up the cost to build. 

It is also encouraging to see funds to bring in labour in the homebuilding sector, as well as to develop skilled trades domestically. 

But we’ll need to see more. Restoring affordability will require government to pull every tool out of the toolbox to boost supply. While funding helps, enabling the private sector to allocate capital to new projects is critical."

Pascal Chan, Senior Director, Transportation, Infrastructure & Construction 

International Trade

"We welcome the government’s commitment to renewing the Canada-U.S. Energy Transformation Task Force, new funding to bolster private sector investment within Latin America, and also the creation of a new Market Watch Unit within CBSA to help protect Canadian workers and businesses from unfair trade practices. However, given Canada will hold the G7 Presidency in the coming year, it is unfortunate that this budget’s commitments relating to international economic engagement are piecemeal and do not reflect an ambitious and cohesive international trade agenda for the Indo-Pacific and for North America."

Gaphel Kongsta, Director, International Policy

Transportation Infrastructure

"Canada must build and maintain transportation infrastructure that can transport goods to market. Unfortunately, today’s budget did not present a long-term trade infrastructure plan or national corridor strategy."

Pascal Chan, Senior Director, Transportation, Infrastructure & Construction 

Internal Trade

"Streamlining internal trade is a pivotal catalyst, potentially elevating GDP growth by up to 8% and fortifying Canada’s economic foundation. It shouldn’t be easier to trade with Europe than it is within our own country. These are positive steps to reduce federal trade barriers. We look forward to working with the federal and provincial governments to continue to strengthen internal trade."

Robin Guy, Vice President and Deputy Leader, Government Relations 

Labour

"Recurring labour disruptions continue to inflict damage to Canada’s economy and reputation as a reliable trading partner. While Budget 2024 will look to address labour stability, it continues to push forward replacement worker legislation that would do the opposite. Our already-fragile reputation as a reliable place to do business is at risk if the government doesn’t bolster our ability to resolve labour disputes."

Robin Guy, Vice President and Deputy Leader, Government Relations 

Business Data Lab

"Today’s commitment of renewed funding for the Business Data Lab (BDL) will allow these important, free, online tools to continue to provide essential data and insights that our small businesses, municipalities and other community organizations need to make evidenced-based decisions to innovate, grow and succeed in a dynamic, challenging economy."

Dr. Stephen Tapp, Chief Economist

Read the Canadian Chamber's comprehensive list of policy expert insights into the Federal Budget 2024, and what it means for Canadians.

  • Getting major projects built
  • The new Canada Carbon Rebate for small business
  • EV supply chain investment tax credit
  • Indigenous loan guarantee program
  • Manufacturing
  • Scientific Research and Experimental Development (SR&ED)
  • Regulatory modernization
  • Artificial intelligence
  • Cybersecurity
  • Canada Digital Adoption Program (CDAP)
  • Agri-food
  • Talent and skills
  • Pharmacare
  • Biomanufacturing and life sciences strategy
  • Defence policy