Article Posted date
21 November 2024
The Update anticipates a deficit of $8.8 billion for 2024-25 before deposits in the Generations Fund of $2.2 billion, bringing the budgetary balance to negative $11 billion. Although the Update does not include any new changes to the corporate or personal tax rates, it announces several changes to the tax credit for career extension and introduces certain changes related to Quebec's increase to the capital gains inclusion rate, among others.
The Update also confirms that the personal income tax system and social assistance payments will be indexed at 2.85% as at January 1, 2025, among other changes.
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