Federal Budget 2024 Highlights

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This year’s federal budget released by Finance Minister, Chrystia Freeland, earlier this week, titled “Budget 2024: Fairness for Every Generation,” focuses on addressing inflation, housing affordability and economic growth, and includes $39.3 billion in net new spending. Key highlights include plans to establish a new Federal Permitting Coordinator to push a target of five years or less to complete federal impact assessment and permitting processes; amendments to the Impact Assessment Act; reprofiling $776.3 million to support clean fuel projects; a $500 million investment by the Canada Infrastructure Bank for biofuels production; and $3.1 million over two years to complete the review of the Labour Code and explore long-term solutions to minimize labour disputes, respect the collective bargaining process, and secure the stability of Canada’s supply chains.  With a projected deficit of $40 billion in the 2023-24 fiscal year, the budget shows that 5,000 public sector positions will be eliminated through attrition.

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