Here are seven measures to remember from Finance Minister Chrystia Freeland’s 2024 budget.
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1) Smokers will pay more
The government will seek revenue by increasing the price of cigarettes, we read in the budget. It will increase excise taxes on tobacco by $4 per carton of 200 cigarettes. This amount is added to the inflation adjustment amount of $1.49, for a total increase of $5.49 per cartridge.
The government estimates that represents nearly $1.36 billion in revenue over five years. It will also increase taxes on vaping products by 12% to raise $310 million over five years.
- Listen to the interview with Clément Gignac, senator and economist on Mario Dumont’s microphone on QUB:
2) New benefit for people with disabilities
Some $6.1 billion will be allocated over six years to create a new Canadian disability benefit. This benefit is aimed at “people with disabilities, low income and working age”. The Canada Disability Benefit Act will come into force this summer, the government believes, so that the payment of benefits will begin in July 2025. The benefit will be a maximum of $2,400 per year for people aged 18 to 64 years old. Nearly 600,000 low-income people could benefit from the benefit.
3) No additional charges for internet and cell phones
The Canadian Radio-television and Telecommunications Commission (CRTC) will ban companies from charging additional fees to Canadians who decide to change phone or internet service providers. The government is committed to amending the Telecommunications Act to achieve this. Companies will be forced to find “the best package [pour leur client], including among reduced cost packages, before the end of a contract,” we can read. They will also be required to provide a “self-service option,” such as an online portal, to shop for or cancel a plan.
4) Enhanced scholarships
$825 million will be spent by Ottawa over five years to improve higher education scholarships. The annual value of the master’s, doctoral and postdoctoral scholarships will increase to $27,000, $40,000 and $70,000 respectively. The number of scholarships awarded and research grants will also be increased.
This would allow 1,720 additional people to benefit, the government estimates. The scholarship programs currently in place will be replaced by a single program.
5) A boost for culture
An amount of $31 million over two years will be granted to the Department of Canadian Heritage to enhance the Canada Arts Preservation Fund. Part of this money will go in particular to organizations which “professionally present artistic festivals or performing arts series”. TOHU in Montreal could receive funds for the Montreal completely circus festival, just like the Sherbrooke World Cinema Festival.
6) Cheaper contraception and insulin
An envelope of 1.5 billion dollars will be used to finance the new federal drug insurance program. This program will provide free diabetes medications and female contraceptives. For example, a woman who took the birth control pill for a full year could spend up to $300. For a diabetic person, purchasing insulin can represent a bill ranging from $900 to $1700 per year.
7) More money to fight foreign threats
The government announced that $655.7 million over eight years will be paid to the Canadian Security Intelligence Service (CSIS), to enable it to increase “its intelligence capabilities and its presence in Toronto.” This envelope will allow CSIS to fight violent extremism and foreign interference.