Budget Implementation Act, 2024, No. 1  The cost of inaction will be far greater. Let us talk about investments. We are implementing a clean electricity tax credit, the clean technology manufacturing tax credit, to allow companies and tax-exempt entities to invest in clean energy equipment, helping us not only to green our electricity systems but scale them up to meet the demand of zero emission in electric vehicles and support our provinces and territories in working toward net-zero grids.

Government Operations committee  That being said, we do know that the parent company, Purdue Pharma, and the Sackler family, were successfully sued for $6 billion to pay for the ravages of opioid misuse. We know that there was significant junk science done to allow the continued prescribing of opioids in an inappropriate manner, even after the good science made us well aware of the fact that it wasn't going to work.

Committees of the House  April 1 came and the rent went up. Along with the higher rents, our fighting forces also had to pay the higher Liberal carbon tax. The official policy of the Liberal Party is to make life unaffordable. While Canadians saw taxes on energy go up 23% across the country, the average rent for Canadians in uniform went up 4.2%.

Finance committee  We were always filling up our gas. We would get groceries like anyone else. What is this carbon tax?” They had been doing things that they had always been doing; now they are being hit by a carbon tax that makes everything more expensive. It just goes to show you that you can risk it all, leave it, and come here, but under this current government there's no way you can succeed.

Bill C-69 An Act to implement certain provisions of the budget tabled in Parliament on April 16, 2024

Short Title Short title 1 This Act may be cited as the Budget Implementation Act, 2024, No. 1 . PART 1 Amendments to the Income Tax Act and Other Legislation R.S., c. 1 (5th Supp.) Income Tax Act 2 (1) The description of B in subsection 6(2) of the French version of the Income Tax Act is replaced by the following: B le produit obtenu en multipliant 1 667 par le quotient obtenu en divisant le nombre total de jours ci-dessus par 30, si le quotient ainsi obtenu n’est pas un nombre entier et qu’il est supérieur à un, en l’arrondissant au nombre entier le plus proche ou, si ce quotient est équidistant de deux nombres entiers consécutifs, en l’arrondissant au plus petit de ces deux nombres; (2) The description of D in subsection 6(2) of the French version of the Act is replaced by the following: D le nombre obtenu en divisant par 30 le nombre total de jours ci-dessus où l’employeur est propriétaire de l’automobile, si le quotient ainsi obtenu n’est pas un nombre entier et qu’il est supérieur à un, en l’arrondissant au nombre entier le plus proche ou, si ce quotient est équidistant de deux nombres entiers consécutifs, en l’arrondissant au plus petit de ces deux nombres; 3 (1) Subsection 7(1.11) of the Act is replaced by the following: Non-arm’s length relationship with trusts (1.11) For the purposes of this section, a mutual fund trust is deemed not to deal at arm’s length with a corporation only if (a) the trust controls the corporation; or (b) the corporation holds securities that give the corporation not less than 50% of the votes that could be cast at a meeting of the unitholders of the trust. (2) The portion of subsection 7(1.31) of the Act before paragraph (a) is replaced by the following: Disposition of newly acquired security (1.31) Where a taxpayer acquires at a particular time a particular security under an agreement referred to in subsection (1) — or acquires the particular security as consideration for the disposition of rights under the agreement — and, on a day that is no later than 30 days after the day that includes the particular time, the taxpayer disposes of a security that is identical to the particular security, the particular security is deemed to be the security that is so disposed of if (3) Subsection (1) applies to rights exercised or disposed of after 2004 under agreements to sell or issue securities made after 2002. (4) Subsection (2) is deemed to have come into force on January 1, 2023. 4 (1) Subparagraph 8(1)(f)(vi) of the French version of the Act is replaced by the following: (vi) des dépenses qui ne seraient pas, en vertu de l’alinéa 18(1)l), déductibles dans le calcul du revenu du contribuable pour l’année, si son emploi consistait en une entreprise exploitée par lui; (2) The portion of paragraph 8(1)(g) of the French version of the Act after subparagraph (ii) is replaced by the following: les sommes qu’il a ainsi déboursées au cours de l’année, dans la mesure où il n’a pas été remboursé et n’a pas le droit d’être remboursé à cet égard; (3) The portion of paragraph 8(1)(i) of the French version of the Act before subparagraph (i) is replaced by the following: Cotisations et autres dépenses liées à l’exercice de fonctions i) dans la mesure où il n’a pas été remboursé et n’a pas le droit d’être remboursé à cet égard, les sommes payées par le contribuable au cours de l’année, ou les sommes payées pour son compte au cours de l’année si elles sont à inclure dans son revenu pour l’année, au titre : 5 (1) Paragraph 12(1)(t) of the Act is replaced by the following: Investment tax credit (t) the amount deducted under subsection 127(5) or (6) or 127.48(3) in respect of a property acquired or an expenditure made in a preceding taxation year in computing the taxpayer’s tax payable for a preceding taxation year to the extent that it was not included in computing the taxpayer’s income for a preceding taxation year under this paragraph or is not included in an amount determined under paragraph 13(7.1)(e) or 37(1)(e), subparagraph 53(2)(c)(vi) or (viii.1) or (h)(ii) or for I in the definition undepreciated capital cost in subsection 13(21) or L in the definition cumulative Canadian exploration expense in subsection 66.1(6); (2) Paragraph 12(1)(t) of the Act, as enacted by subsection (1), is replaced by the following: Investment tax credit (t) the amount deducted under subsection 127(5) or (6), 127.48(3) or 127.49(6) in respect of a property acquired or an expenditure made in a preceding taxation year in computing the taxpayer’s tax payable for a preceding taxation year to the extent that it was not included in computing the taxpayer’s income for a preceding taxation year under this paragraph or is not included in an amount determined under paragraph 13(7.1)(e) or 37(1)(e), subparagraph 53(2)(c)(vi), (viii.1) or (viii.2) or (h)(ii) or for I in the definition undepreciated capital cost in subsection 13(21) or L in the definition cumulative Canadian exploration expense in subsection 66.1(6); (3) Paragraph 12(1)‍(x) of the Act is amended by striking out “and” at the end of subparagraph (vii), by adding “and” at the end of subparagraph (viii) and by adding the following after subparagraph (viii): (ix) was not received by the taxpayer as an excluded loan; (4) Subsection 12(11) of the Act is amended by adding the following in alphabetical order: excluded loan  means a loan, other than a forgivable loan, evidenced in writing (a) that is from a payer that is (i) a government, municipality or other public authority in Canada, or (ii) a person resident in Canada or Canadian partnership, if it is reasonable to conclude that the payer would not have made the loan but for the direct or indirect receipt by the payer of amounts from a government, municipality or other public authority in Canada; (b) for which, at the time the loan was made, bona fide arrangements were made for repayment of the loan within a reasonable time; and (c) the funds from which were used for the purpose of earning income from a business or property. ( prêt exclu ) (5) Subsection (1) is deemed to have come into force immediately after the expiration of March 27, 2023. (6) Subsection (2) is deemed to have come into force on January 1, 2024. (7) Subsections (3) and (4) are deemed to have come into force on January 1, 2020, and apply to loans made after December 31, 2019. 6 (1) Section 13 of the Act is amended by adding the following after subsection (4): COVID — time not counted (4.01) For the purposes of subparagraph (4)(c)(ii), the period beginning on March 15, 2020 and ending on March 12, 2022 is not to be counted. (2) The portion of subsection 13(7.1) of the Act before paragraph (a) is replaced by the following: Deemed capital cost of certain property (7.1) For the purposes of this Act, where section 80 applied to reduce the capital cost to a taxpayer of a depreciable property or a taxpayer deducted an amount under subsection 127(5) or (6) or 127.48(3) in respect of a depreciable property or received or is entitled to receive assistance from a government, municipality or other public authority in respect of, or for the acquisition of, depreciable property, whether as a grant, subsidy, forgivable loan, deduction from tax, investment allowance or as any other form of assistance other than (3) The portion of subsection 13(7.1) of the Act before paragraph (a), as enacted by subsection (2), is replaced by the following: Deemed capital cost of certain property (7.1) For the purposes of this Act, where section 80 applied to reduce the capital cost to a taxpayer of a depreciable property or a taxpayer deducted an amount under subsection 127(5) or (6), 127.48(3) or 127.49(6) in respect of a depreciable property or received or is entitled to receive assistance from a government, municipality or other public authority in respect of, or for the acquisition of, depreciable property, whether as a grant, subsidy, forgivable loan, deduction from tax, investment allowance or as any other form of assistance other than (4) Subsection 13(7.1) of the Act is amended by striking out “or” at the end of paragraph (b), by adding “or” at the end of paragraph (b.1) and by adding the following after paragraph (b.1): (b.2) an amount received as an excluded loan as defined in subsection 12(11), (5) Paragraph 13(7.1)(e) of the Act is replaced by the following: (e) where the property was acquired in a taxation year ending before the particular time, all amounts deducted under subsection 127(5) or (6) or 127.48(3) by the taxpayer for a taxation year ending before the particular time, (6) Paragraph 13(7.1)(e) of the Act, as enacted by subsection (5), is replaced by the following: (e) where the property was acquired in a taxation year ending before the particular time, all amounts deducted under subsection 127(5) or (6), 127.48(3) or 127.49(6) by the taxpayer for a taxation year ending before the particular time, (7) The description of I in the definition undepreciated capital cost in subsection 13(21) of the Act is replaced by the following: I is the total of all amounts deducted under subsection 127(5) or (6) or 127.48(3), in respect of a depreciable property of the class of the taxpayer, in computing the taxpayer’s tax payable for a taxation year ending before that time and subsequent to the disposition of that property by the taxpayer, (8) The description of I in the definition undepreciated capital cost in subsection 13(21) of the Act, as enacted by subsection (7), is replaced by the following: I is the total of all amounts deducted under subsection 127(5) or (6), 127.48(3) or 127.49(6), in respect of a depreciable property of the class of the taxpayer, in computing the taxpayer’s tax payable for a taxation year ending before that time and subsequent to the disposition of that property by the taxpayer, (9) The portion of paragraph 13(24)(a) of the Act before subparagraph (i) is replaced by the following: (a) subject to paragraph (b), for the purposes of the description of A in the definition undepreciated capital cost in subsection (21) and of sections 127, 127.1 and 127.48, the property is deemed (10) The portion of paragraph 13(24)(a) of the Act before subparagraph (i), as enacted by subsection (9), is replaced by the following: (a) subject to paragraph (b), for the purposes of the description of A in the definition undepreciated capital cost in subsection (21) and of sections 127, 127.1, 127.48 and 127.49, the property is deemed (11) Subsection (1) is deemed to have come into force on March 12, 2020. (12) Subsections (2), (5), (7) and (9) are deemed to have come into force immediately after the expiration of March 27, 2023. (13) Subsection (4) is deemed to have come into force on January 1, 2020, and applies to loans made after December 31, 2019. (14) Subsections (3), (6), (8) and (10) are deemed to have come into force on January 1, 2024. 7 Clause 39(1)(c)(iv)(C) of the Act is replaced by the following: (C) a corporation referred to in section 6 of the Winding-up and Restructuring Act that was insolvent (within the meaning of that Act) and was a small business corporation at the time a winding-up order under that Act was made in respect of the corporation, 8 (1) Section 44 of the Act is amended by adding the following after subsection (1): COVID — time not counted (1.01) For the purposes of paragraphs (1)(c) and (d), the period beginning on March 15, 2020 and ending on March 12, 2022 is not to be counted. (2) Subsection (1) is deemed to have come into force on March 12, 2020. 9 Subparagraph 50(1)(b)(ii) of the Act is replaced by the following: (ii) the corporation is a corporation referred to in section 6 of the Winding-up and Restructuring Act that is insolvent (within the meaning of that Act) and in respect of which a winding-up order under that Act has been made in the year, or 10 (1) Subparagraph 53(1)(e)(xiii) of the Act is replaced by the following: (xiii) any amount required by subsection 127(30) or section 127.48 to be added to the taxpayer’s tax otherwise payable under this Part for a taxation year that ended before that time in respect of the interest in the partnership; (2) Subparagraph 53(1)(e)(xiii) of the Act, as enacted by subsection (1), is replaced by the following: (xiii) any amount required by subsection 127(30), section 127.48 or subsection 127.49(17) to be added to the taxpayer’s tax otherwise payable under this Part for a taxation year that ended before that time in respect of the interest in the partnership; (3) Paragraph 53(2)(c) of the Act is amended by adding the following after subparagraph (viii): (viii.1) an amount equal to that portion of all amounts deemed deducted under subsection 127.48(3) in computing the tax otherwise payable by the taxpayer under this Part for the taxpayer’s taxation years ending before that time that may reasonably be attributed to amounts added in computing the clean hydrogen tax credit (as defined in subsection 127.48(1)) of the taxpayer under subsection 127.48(12), (4) Paragraph 53(2)(c) of the Act, as modified by subsection (3), is amended by adding the following after subparagraph (viii.1): (viii.2) an amount equal to that portion of all amounts deemed deducted under subsection 127.49(6) in computing the tax otherwise payable by the taxpayer under this Part for the taxpayer’s taxation years ending before that time that may reasonably be attributed to amounts added in computing the CTM investment tax credit (as defined in subsection 127.49(1)) of the taxpayer under subsection 127.49(8), (5) Subsections (1) and (3) are deemed to have come into force immediately after the expiration of March 27, 2023. (6) Subsections (2) and (4) are deemed to have come into force on January 1, 2024. 11 (1) Paragraph (b) of the description of B of the definition exemption threshold in section 54 of the English version of the Act is replaced by the following: (b) the exemption threshold of the taxpayer in respect of the flow-through share class of property immediately before that earlier time; (2) The portion of paragraph (b) of the definition fresh-start date in section 54 of the English version of the Act before subparagraph (i) is replaced by the following: (b) in the case of any other property that is included in the flow-through share class of property, the day that is the later of 12 Subparagraph 56(1)(a)(iv) of the Act is replaced by the following: (iv) a benefit under Part I, VII.1, VIII or VIII.1 of the Employment Insurance Act , 13 (1) Subparagraph 60(j)(iv) of the Act is amended by striking out “or” at the end of clause (A), by adding “or” at the end of clause (B) and by adding the following after clause (B): (C) to or under a registered retirement income fund under which the taxpayer is the annuitant , as defined in subsection 146.3(1), other than the portion thereof designated for a taxation year for the purposes of paragraph (l), (2) The portion of paragraph 60(n) of the Act before subparagraph (i) is replaced by the following: Repayment of pension or benefits (n) any amount paid by the taxpayer in the year as a repayment (otherwise than because of Part VII of the Employment Insurance Act or section 8 of the Canada Recovery Benefits Act ) of any of the following amounts to the extent that the amount was included in computing the taxpayer’s income, and not deducted in computing the taxpayer’s taxable income, for the year or for a preceding taxation year, namely, (3) Section 60 of the Act is amended by adding the following after paragraph (n.1): Amounts repaid in subsequent years (n.2) any amount paid by the taxpayer in a year (in this paragraph referred to as the “subsequent year”) that is after the year as a repayment of an amount that was included in computing the taxpayer’s income for the year under any of subparagraphs 56(1)(a)(i), (ii), (iv), (vi) or (vii) or paragraph 56(1)(r), to the extent that the amount paid (i) exceeds the taxpayer’s taxable income for the subsequent year (determined without reference to paragraphs (n), (n.1) and (v.1)), and (ii) is not deducted in computing the taxpayer’s taxable income for any other taxation year; (4) Paragraph 60(r) of the Act is repealed. (5) Paragraph 60(v.1) of the Act is replaced by the following: EI benefit repayment (v.1) any benefit repayment payable by the taxpayer under Part VII of the Employment Insurance Act on or before April 30 of the following year, to the extent that the amount was not deductible in computing the taxpayer’s income for any preceding taxation year; (6) Subsection (1) is deemed to have come into force on August 4, 2023. (7) Subsection (3) applies to the 2019 and subsequent taxation years. 14 (1) Paragraph 66(12.73)(e) of the Act is replaced by the following: (e) if a corporation fails to file the statement within the time required or fails in the statement filed to apply the excess fully to reduce one or more purported renunciations, the Minister may at any time reduce the total amount purported to be renounced by the corporation to one or more persons by the amount of the unapplied excess in which case, except for the purpose of Part XII.6, the amount purported to have been so renounced to a person is deemed, after that time, always to have been reduced by the portion of the unapplied excess allocated by the Minister in respect of that person. (2) Subsection (1) is deemed to have come into force on August 4, 2023. 15 (1) Subclause 66.8(1)(a)(ii)(B)(I) of the Act is replaced by the following: (I) the total of all amounts required by subsections 127(8) and 127.48(12) in respect of the partnership to be added in computing the investment tax credit or the clean hydrogen tax credit (as defined in subsection 127.48(1)) of the taxpayer in respect of the fiscal period, and (2) Subclause 66.8(1)(a)(ii)(B)(I) of the Act, as enacted by subsection (1), is replaced by the following: (I) the total of all amounts required by subsections 127(8), 127.48(12) and 127.49(8) in respect of the partnership to be added in computing the investment tax credit, the clean hydrogen tax credit (as defined in subsection 127.48(1)) or the CTM investment tax credit (as defined in subsection 127.49(1)) of the taxpayer in respect of the fiscal period, and (3) Subsection (1) is deemed to have come into force immediately after the expiration of March 27, 2023. (4) Subsection (2) is deemed to have come into force on January 1, 2024. 16 (1) The Act is amended by adding the following after section 67.6: Definitions 67.7 (1) The following definitions apply in this section. non-compliant amount , for a taxation year, means the amount determined by the formula A × B ÷ C where A is the total of all amounts that would, if subsection (2) did not apply, be deductible in computing income in the taxation year in respect of the use of a residential property as a short-term rental in the taxation year; B is the number of days in the taxation year that the residential property was a non-compliant short-term rental; and C is the number of days in the taxation year that the residential property was a short-term rental. ( montant non conforme ) non-compliant short-term rental  means, at any time, a short-term rental that is located in a province or municipality that, at that time, (a) does not permit the operation of the short-term rental at the location of the short-term rental; or (b) requires registration, a licence or a permit to operate the short-term rental, and the short-term rental does not comply with all applicable registration, licensing and permit requirements. ( location à court terme non conforme ) residential property  means all or any part of a house, apartment, condominium unit, cottage, mobile home, trailer, houseboat or other property, located in Canada, the use of which is permitted for residential purposes under applicable law. ( bien résidentiel ) short-term rental  means a residential property that is rented or offered for rent for a period of less than 90 consecutive days. ( location à court terme ) Non-deductibility of expenses — short-term rental (2) Notwithstanding any other provision of this Act, no amount is deductible in computing income in respect of a short-term rental for a taxation year, to the extent the amount is a non-compliant amount for the taxation year.

Carbon Pricing  The 2023 report titled “A Distributional Analysis of the Federal Fuel Charge under the 2030 Emissions Reduction Plan” states, on page four, “Taking into consideration both fiscal and economic impacts, we estimate that most households will see a net loss, paying more in the federal fuel charge and GST, as well as receiving lower incomes, compared to the Climate Action Incentive payments they receive”. This tax reaches into every aspect of our lives. It raises the cost of gas, hikes heating bills and affects grocery prices, all while reducing take-home pay as businesses are forced to pay more in taxes.

Finance  While the NDP and the Liberals demanded reckless spending and higher taxes in the years that followed, the previous government remained on track and delivered a balanced budget in 2015, all while cutting taxes 180 times to their lowest levels in 50 years. Canada was looked to for leadership in the world.

Food and Drugs Act  On April 1, the government hiked the carbon tax by 23% and, just last week, the Canadian Federation of Independent Business reported a drastic decline in both short-term and long-term business competence, with both dropping by 5.4 points in their monthly business barometer.

The Budget  That is why New Democrats pushed for meaningful action in the budget and why I am very happy to see that we were able to secure the $1.5 billion for the rental protection fund. That money will be used to protect renters from losing their affordable homes to corporate landlords and will purchase and transition buildings for sale into non-market housing.

The Budget  For parents in Canada the national school food program will deliver nutritious meals to over 400,000 children across Canada each year, saving the average participating family as much as $400 per year per child in grocery costs. For Canadians with disabilities we are providing $6 billion, for the first time ever, through the Canada disability benefit, to provide additional support that will impact over 600,000 low-income Canadians with disabilities. As we continue working with provinces and territories to better our health care and our social care system, in 2024-25, we have provided for over $7 billion through the Canada health transfer and over $2 billion through the Canada social transfer to British Columbia.

The Budget  This is how the government has framed the budget, with the idea of working towards a more fair approach to the way we govern this country. While there are some very modest changes in this budget to address inequities in the tax code, it is clear that there is much more that needs to be done. TD just released a report showing that wealthiest third of Canadians in the country increased their wealth by 6% in the last year alone.

The Budget  We understand that building these new homes will create considerable additional costs for municipalities. Budget 2024 launches the new Canada housing infrastructure fund, which will provide $6 billion to Infrastructure Canada over 10 years starting in 2024-25 in order to accelerate the construction of this infrastructure. That is great news for our region. Our commitment to fairness for every generation is also seen in our fight against homelessness.

Persons with Disabilities  We are now moving forward with the first step of the disability benefit, with a cost of over $6 billion over the coming years. It will put hundreds of dollars a month, tax-free, in the pockets of the most vulnerable persons with disabilities. We are continuing to commit to creating a better, fairer country for generations to come.

The Budget  Recognizing that we need better infrastructure to support an uptick in housing supply, our government has also revealed that the budget would feature a new $6-billion Canada housing infrastructure fund to help communities increase their housing supplies and to upgrade water, waste water, stormwater and solid waste infrastructure. Because many Canadians rely on public transit to go to school, to get to work and to see their friends, budget 2024 also announces that any community seeking to access long-term predictable funding through the federal government's forthcoming permanent public transit funding would be required to take action that directly unlocks housing supply where it is needed most.

Human Resources committee  Chair, I think it's really important that my honourable colleague and, I think, all individuals underscore the fact that, first and foremost, the $6 billion that we have put forward is going to support more than 600,000 individuals. The $2,400 tax-free per year for an individual with a disability is not insignificant—