2024 Fall Economic
Statement
Reducing Everyday Costs and Raising Wages
The 2024 Fall Economic Statement outlines how the government’s economic plan is reducing everyday costs and investing in the kind of economic growth that raises wages, all to put more money in Canadians’ pockets.
Helping workers and working families
The federal government is bringing down the cost of everyday essentials so that Canadians can keep more of their hard-earned money in their pockets.
- A Tax Break for All Canadians to help you save this holiday season and into the new year.
- Delivering the Canada Carbon Rebate rural top-up to 1.6 million more Canadians.
- New affordable banking options: low-cost bank accounts now available to all Canadians, and no-cost bank accounts now available to more groups including permanent residents, refugees, and temporary residents during their first year in Canada.
- Building a national system of $10-a-day child care and a National School Food Program to put more money in the pockets of working families.
The government is building 4 million new homes and lowering the cost of homeownership to help more Canadians get their first set of keys. We’re also protecting renters and lowering the cost of rent.
- Lowering downpayments on homes worth up to $1.5 million to save you up to $175,000.
- Lowering mortgage payments with 30-year amortizations to save you hundreds of dollars every month.
- Doubling the loan limit available for families adding secondary suites to their homes, to help boost housing supply and also bring families closer together.
The government is building a future where Canadians can have a good job with a good wage they can count on—and that starts with a growing economy. To secure this growth, we are investing in productivity and innovation.
- The Canadian Sovereign AI Compute Strategy will provide support to our world-class researchers and innovative AI firms to help them grow the industry and create good jobs.
- Enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive will provide businesses with more capital to boost productivity, create more good-paying jobs, and compete in the economy of tomorrow.
- The government is moving forward with a suite of measures to facilitate increased pension fund investment in Canada to help businesses grow and attract capital.
- Launching the $5 billion Canada Indigenous Loan Guarantee Corporation to ensure Indigenous Peoples have access to affordable capital and can benefit from important economic projects.
Highlights
1.4 million more Canadians employed than before the pandemic
Helping businesses grow and compete
The government is delivering economic growth for every generation and ensuring Canadian businesses can compete, attract investment, and create good-paying jobs.
- Investing in Canada’s Sovereign AI Compute Strategy
- Helping small- and medium-sized business to adopt digital solutions
- Delivering the tax-free Canada Carbon Rebate for Small Businesses
- Reducing credit card transaction fees for 90 per cent of small businesses
- Implementing the Canadian Entrepreneurs’ Incentive
Learn more about the government’s plan to help Canadian businesses thrive.
Building more homes and increasing homeownership
The government is leading a Team Canada effort to build more homes, faster, and help more Canadians afford a home.
- Lowering down payments by increasing the insured mortgage price cap to $1.5 million
- 30-year mortgage amortizations for all first-time home buyers and for all buyers of new builds
- Doubling the loan limits for the Canada Secondary Suite Loan Program to $80,000
- Unlocking underused federal lands to build 250,000 new homes
- Delivering $1 billion through the Canada Housing Infrastructure Fund to provide support directly to municipalities to build housing-related infrastructure
Learn more about Canada’s Housing Action Plan.
1 million Tax-Free First Home Savings Accounts opened
Up to $14,300 saved by Canadians on child care annually
Keeping more money in the pockets of Canadians
Whether by helping families to make ends meet, lowering the cost of groceries, providing necessary dental care or helping Canadians take advantage of tax incentives, the government is fighting to help Canadians keep more money in their pockets.
- $10-a-day child care
- Canadian Dental Care Plan
- Automatic Tax Filing
- Free contraceptives and diabetes medication
- Exempting the Canada Disability Benefit from taxation
Learn more about the government’s plan to make life more affordable.
Canada is leading the G7 in lowering interest rates. The Bank of Canada has now cut interest rates five times this year.
Over 1.4 million jobs created since the pandemic.
Inflation has been within target for all of 2024. This is welcome relief for all Canadians. Our economic plan is putting more money in your pocket.
A strong economic and fiscal outlook
Canada’s economy is outperforming expectations
The Canadian economy has achieved a soft landing. Inflation has been back within target for all of 2024, and wages are outpacing inflation. The economy is growing. Read more about what the government is doing to set the stage for higher productivity and better living standards.
Economic and Fiscal Projections
The federal debt-to-GDP ratio is expected to be lower than its recent pandemic peak and declining in 2025-26 and throughout the remainder of the forecast – consistent with the government’s fiscal anchor. Read more about the government’s work to preserve Canada’s fiscal advantage.
Backgrounders
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