Federal Budget 2024 - Musings of a Tax Chick

The Tax Chick Podcast

You asked for it... an episode on the 2024 Federal Budget geared towards non-tax practitioners!
I fully intended to make this a mini-episode, but there was just SO MUCH to discuss, that I ended up talking for over 30 minutes - I hand-picked a few of the key changes to discuss, but if there are other items you would like me to address in a future episode, please let me know!

In this episode, I cover:

1. History of the Federal Budget and why it matters - including why I call it the "Oscars" for tax professionals, and my plea to get a golden ticket to be part of the budget lockdown (3:52)
2. Capital gains - what are they, how are they taxed, and what are the proposed changes? (12:35)
3. What is the lifetime capital gains exemption, and how did it change? (27:30)
4. Tax Litigation hot topics, including the proposed expansion to s. 160 of the Act, "notice of non-compliance" and the new ability to request documentation/information under oath. (29:32)

RESOURCES DISCUSSED IN THIS EPISODE:

• History of the Federal Budget: https://www.macleans.ca/economy/economicanalysis/a-brief-history-of-canadian-federal-budgets
• Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html?utm_campaign=fin-fin-budget-24-25&utm_medium=webfeat&utm_source=canada-ca#pdf
• Video Tax News (reporting from Budget lockdown!): https://www.videotax.com/web-tips-articles/federal-budget-2024-is-now-released-here-are-eight-key-considerations-for-accountants-and-small-business-advisors

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