What the 2024 federal budget means for you

The 2024 Canadian federal budget has been unveiled, with a particular focus on affordability and housing this year. But the 430 page plan covers a wide gamut of other spending details - from defence, tax hikes, generational fairness and much more. Making sense of it all can be overwhelming.
We’ll cover all the key points of this year’s budget and explain how it will affect your wallet and financial prospects. A team of Globe and Mail journalists - senior political reporter Marieke Walsh, real estate reporter Rachelle Younglai, Report on Business reporter Mark Rendell and personal finance expert Rob Carrick - join The Decibel to explain what you need to know.
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[@farmerjer9339]

Cant afford living..cant afford dying...

[@dorisevans3536]

QUIT THE DAM SPENDING!!! ENOUGH ALREADY

[@dvsmapple]

So.....we should not build more homes then?

[@lesliesusoeff3261]

@@dvsmappledouble up-not everyone needs their own house-get roommates.

[@dvsmapple]

@@lesliesusoeff3261 how is that relevant to federal spending that if anything aims to build more houses?

[@johnb5519]

The result of this budget is more DEI, meaning we will all be equally as poor as the next person.

[@user-ri3gh6yb5k]

worse...merit will be ignored in favor of DEI

[@dvsmapple]

How DEI has anything to do with fiscal policy?

[@deftone330]

​@@dvsmapple Freeland herself is diversity hire. A finance minister with no background in finance. That's why inflation is through the roof and about to get worse

[@johnb5519]

@@dvsmapple How is what they are doing, in any way, sensible fiscal policy. Making everyone equally poor, seems to be their goal.

[@doriangray873]

​@dvsmapple DEI wastes money on things that only look good on the surface but are detrimental to society, and it sets up more expensive bureaucracy.

[@chrisministerofsmartarsery3322]

More debt. And a lowered standard of living & healthcare. That’s what it means.

[@RedPillJonny]

It means we're fucked

[@lizliz4186]

Can you please do a show on why there's only 2 options for new houses; 1. the McMansion with no lot or 2. a skinny 4-5 story townhouse with a balcony and no yard, not even a place to put your snow shovel or bicycle. Who wants these houses?

[@TheoreticallyNo]

Developers want these houses.

[@TrevorsBench]

This is what it looks like when Turdeau puts his BS down on paper

[@BudzzableRides]

No need to raise taxes on anyone, responsible spending is the problem! Taxation increased across the board two weeks ago to increase inflation across the country.

[@dvsmapple]

Spending on pensions has been the fastest growing item for decades now. Even without new programs, we'd need to raise taxes or accept much higher poverty rates among retirees. Same for housing. Provinces aren't building, municipalities aren't allowing to build. So the only way to make it work is tie existing spending to more construction. Inflation? Data from Europe suggests it has been mainly driven by energy and supply shocks, and it has already come down bellow 2% in many European countries even through those countries have been running structural deficits unlike Canada. So, given that most of the spending increase comes from existing programs and that new homes are to be built only with Ottawa's fiscal support, what are you suggesting we cut?

[@BudzzableRides]

Insane spending by the federal government would be a great start!

[@romeoramos6650]

For me what it means, after working for over 30 years and paid my dues; I may not be able to retire. They keep on raising the bar, and keeps on giving away what I have contributed to this country. Justin, was born with a silver spoon and never experience what it means to work hard for your money.

[@kerrycrocker2258]

but mp gets a pensiion after 6 years. and the PM is changing the election date a week later so his buddies get their pensions...

[@dvsmapple]

OAS has been the fastest growing item on federal books. If anything, the only reason you may be able to retire one day are those federal deficits.

[@LockedInWithLovebirds]

This is all Jagmeet's fault at this point.

[@ianleslie6971]

Always willing to throw poor young Mr Singh under the bus Always forget the BLOQ has propped up the liberals when even the NDP couldn't hold their nose and vote for the government.

[@toaster3822]

​​​@@ianleslie6971 he could vote against this budget (like the bloq will) and trigger an election.

[@ianleslie6971]

@@toaster3822 no, if he voted against the budget the BLOQ would vote for it. You should know the dance by now

[@LockedInWithLovebirds]

@@ianleslie6971 why would you even bother bringing up a one province party who's sole existence is to seperate from Canada? Oh yea let's hope the Quebec seperatists save us!!1! LMAO. You're wasting our time. Here's your dunce cap.

[@ianleslie6971]

@@LockedInWithLovebirds Because They Have Propped up the liberals with supporting votes. Put on. Your Dunce Cap it must get used regularly.

[@logancui3463]

The last guy spilled some truth, they never talked about how war funding towards other countries and wasteful carbon taxes is killing the economy.

[@Chr1s-fm6bi]

You trust an editor’s opinion as fact? 🤦‍♂️ Less than 4 billion has been spent on Ukraine, over 90% of which was old arms that was already scheduled for a more expensive decommissioning process than sending it to combat. Meanwhile this budget for one year included 50 billion more in spending above what has been “spent” in Ukraine over 2 years. Come on are you serious?! You trust a guy saying that adding 5 more years on a mortgage will save $250, despite the fact that at 5% interest that actually amounts to tens of thousands of dollars more being paid to the bank, no one is saving anything except shareholders. The economy is hurting because too many Canadians live off credit pretending they can afford a lifestyle they can’t and we allow foreigners to buy land where they park their money, abuse immigration, and return to their home countries until they need free health care, benefits, or a private plane ticket back to Canada when a natural disaster or war breaks out. Look at the numbers and where it is being spent.

[@marinachug2015]

People on radio must be forbidden to use a "throat" voice. Can you make a little effort and speak with normal voice?

[@soleikam6662]

what is a throat voice? I found the interviewer's voice squeaky and annoying

[@EvelynBaron]

@@soleikam6662 That's a throat voice

[@brunotulliani]

"You will own NOTHING and you will be happy!" Chairman Junior

[@Ckomon]

100% tax for you!

[@johndefalque5061]

I would move back to Vancouver/Victoria in a haertbeat if the rent wasn't going up 36% per year and I didn't need 4 jobs at the same time. I left in 2017.In Quebec City now, feel like a fish out of water but the rent can't increse more than 5-7% I do hate winters here.

[@wesbrown738]

Oh damn, I am moving to gatineau from Toronto similar reasons

[@johndefalque5061]

@@wesbrown738 I feel your pain!

[@johndefalque5061]

@@markg2307 Not me! I would turn down a free vacation to IsraHell!

[@RAM-KINGOFTRUCKS]

it wont pass

[@StephenLeGresley]

More Rich people crying about being asked to contribute back into a society they have benefited so much from. 50% of Canadians barely survive month to month, 25% more are homeless and the rest are living large off of the backs of everyone else.

[@ramit439]

It means Phyllis Freeload hasn’t a fkn clue as our deputy pm and finance minister. More taxation, more spending, more debt with no repayment plan.

[@user-ct6hf4jr1t]

Canada needs an federal election now!👍🏻👍🏻👍🏻👍🏻

[@shawnbechard3680]

Lies.

[@user-br6qh2jq6v]

Cut spending ，period

[@miningforbitcoin]

Hopefully they fix this. I'm done paying what I pay for rent. I cant afford it and once i'm kicked out i will be ending things on my own terms. kms

[@jubjub09222]

You'll be doing exactly what they want, if you do. For whatever it's worth, stay strong.

[@dianegrant3215]

Well, if they aren’t paying attention, what are they going to do about grocery prices in Canada?

[@LockedInWithLovebirds]

Well gas is about to jump up here 14 cents tomorrow so I guess they're helping raise the cost again. Thanks LiberalNDPers.

[@davemcd9077]

.....yup....he/she/it said "Canada Belongs To Kebek", then folks pushed him into runnign for office, THEN Canada forgot he said it. I AM soooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo disappointed in Canadians=Kebek HAS Killed Kanada.....murdered, butchered, slaughtered it to bits.

[@victoriaman117]

Mean you will have less, faster!

[@Meeksballs]

54 billion dollars a year paid on the interest on our debt alone!

[@LockedInWithLovebirds]

1 BIILLLLLLION dollars.... a week

[@dvsmapple]

It's less than 2 per cent of Canada's GDP. Why?

[@Unpopular_0pinion]

This tax adjustment only covers half the spending, which means deficit spending, which means inflation and $2,000 of every Canadian family's taxes will go to servicing the Interest on the debt it creates. This budget also doesnt account for the people that will be moving their assets out of Canada. And it also makes it so that only the companies that can afford to build homes will get richer as the budget incentives only 1st time home buyers, to buy only new homes. It also does nothing to make the houses cost less xD It just makes the housing bubble slightly easier to participate in.

[@dvsmapple]

So....hiking EI Premiums and income taxes then? What's the alternative? Besides, most of Canada's assets are real estate. How are people supposed those? Productive assets? We've been losing those for the last 40 years despite capital and corporate tax cuts across the board.

[@Unpopular_0pinion]

@@dvsmapple First and foremost we need to not be spending money we do not have. So figuring out how much money we collect currently in tax revenue.

[@dvsmapple]

@@Unpopular_0pinion except for the that that this is how almost all businesses work. They convince investors they have something going for them and then take those funds to produce something consumers may need, and use the profits generated to pay down their debt. In fact, most successful and most innovative companies have been running at a net-loss, using their profits to re-invest in new products, and pay interest on their debt as opposed to just paying it down outright. Same for investors: they borrow to invest and then use the returns to cover the interest. Households do that too with mortgages and student loans. How a government borrowing money to invest into things that grow their own tax revenues is any different? Especially when government debt is the cheapest form of borrowing at any given economy. Why should our government not invest into things that grow our own wages and consumption or that spur business investment? Especially since governments can borrow cheaper than almost anyone else. The only real barrier to this is the bond markets not willing to lend money to a government. So far this has not been the case anywhere in the developed world, with a partial exception of the UK. On the flip side, we have the case of austerity where a government is trying to balance their budgets at all costs but hiking taxes and cutting spending. It was tried in Europe in 2010s. Turns out cutting public investment into education, healthcare, infrastructure, capable public service all leads to lower private investment. Which leads to lower wages, lower consumption, and lower tax revenues that more than offset savings made by the original budget cuts. Hence why most European countries ran pretty consistent structural deficits, as well as most Canadian Provinces. Now, can you overdo public spending? Yes. But reducing inflation is not that hard: you just raise the cost of borrowing and provide target supply-side incentives. A depressed demand though? Well, asked Japan or China about this.

[@musicbygoldenj]

More pain for every Canadian. We deserve it though, we voted Liberal. If you’re a young adult reading this, do not limit yourself by staying in Canada. Life is too short.

[@RAM-KINGOFTRUCKS]

dont say we when i voted conservative

[@davemcd9077]

@music.....yup....he/she/it said "Canada Belongs To Kebek", then folks pushed him into runnign for office, THEN Canada forgot he said it. I AM soooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo disappointed in Canadians=Kebek HAS Killed Kanada.....murdered, butchered, slaughtered it to bits.

[@OttawaInHD]

Majority rules and everyone has to suffer for it

[@lianasammartino8490]

good advice....

[@dy6682]

More debt; the future is secured.

[@Konigkev]

FJT

[@petegrizwald2666]

But I want China!...Trudeau: We have China at home!

[@steve-ovetev-o2302]

Well selling land? Sooo it doesn't already belong to Canada and its citizens? Since when did the government initially become the official owner of said land? And who did it purchased said land from in order to own it and in turn be able to then sell it? Or maybe it's a Value Village type scenario. Get your inventory for free. Do nothing whatso ever to acquire products you turn around and sell. This whole government thing doesn't sit well with me. Guess I'm just too ignorant to get it. Just like that buzz kill Freeland or whatever her name is. I believe she has 2 titles to her job allowing her to receive 2 salaries. One for each said title. Any serious, important, prestigious, demanding job like let's say the Deputy Prime Minister, one would think that all their time would be spent on that job and that job alone. So either Christy or whatever she calls herself is an absolute wonder with the highest of skills and a talented time management specialist achievement award winner etc. or one of the highest job placements in the entire country isn't really that challenging. So not challenging that one would be able to fulfill another of this great Countries highest positions at the same time and do both jobs to satisfaction as always two people had done before. Now both those choices are totally ridiculous. Wonder when she gets to spend time with her husband. you know the guy who owes the New York Times. No pulling the wool over them there Canadians eyes Eh ????

[@barenekid9695]

It's another Coffin Nail.....in what once was a great Nation. Horrifying is the best (only!) descriptor. Only a recent immigrant working at Dollarama ... would see this as hopeful

[@Whoisthisg]

aren't we trying to cut the spending? hahaha what does the quantitative tightening will do if they keep spending money.

[@reidspak2475]

Halal Mortages??????????? I wish my Religion prevented me from being charges immoral interest on owning a home.

[@TheoreticallyNo]

Most expensive words are: I’m from the government and I’m here to help.

[@No_name860]

Time to pack up the kids and move elsewhere. There’s no future here for the next generation.

[@user-br6qh2jq6v]

Agreed

[@GarryBurgess]

I'm 100% OK with this budget.

[@deftone330]

Prepare for $2000 a month rent for a single bedroom apartment. You voted for it

[@RAga-ll3dm]

I didn't even watch but I am sure we are being robbed "lawfully" AGAIN and AGAIN and "media" keeps kissing but ts. Somehow karma will bite yours... eventually

[@millerpestcontrol5364]

Is budget is absolute trash

[@johndefalque5061]

I'm 56 and autistic-finally a budget that deals with the housing crisis and some help for the poor like me but, they waited so long-Cons are going to win the next election and undo it all. I never voted Grit nor Tory-never will. Just give the millioms of invisibly disabled like me MAID-quick and easy,

[@farmerjer9339]

MAID wasnt around during Conservative times..just sayin. liberals handing out money they dont have isnt truly helping... look around.

[@johndefalque5061]

@@farmerjer9339 Then just let the millions of us invisibly disabled Cdns. go, should they so choose. My life has been far tooo miserable for far too long!

[@pilomatrixoma]

This country can’t afford to keep spending money like drunken sailors. Unbelievable that you’d cheer on the person setting the neighbourhood on fire because he promised not to torch your particular house 😂

[@johndefalque5061]

@@pilomatrixoma Then just let the millions of invisibly disabled who can't compete, get immediate access to MAID FFS! This could leave millions of apts vacant, millions of job vacancies and hopefully those left will get a better deal!

[@johndefalque5061]

@@pilomatrixoma Personally I feel that money is a fiction. I don't give a flying godamn about the debt as long as there are any homeless. The only natioln serious about not having a debt is Norway. I'm a no billionaires and no homeless communist!