The Update anticipates a deficit of $1.75 billion for 2023-24 before  deposits in the Generations Fund of $2.24 billion, bringing the budgetary balance before use of the stabilization reserve, to negative $3.99 billion. Although the Update does not include any new changes to the corporate or personal tax rates, it does introduce measures to extend and enhance the investment and innovation tax credit (C3i) and eliminate the additional capital cost allowance of 30% currently available for investments in certain assets.

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