Highlights from the 2024 Federal Budget INTRODUCTION

The 2024 budget aims to make investments in the Canadian economy and population, while lowering the national debt and improving the federal deficit in the long term. [...] The budget also indicates the government’s intention to make changes to the Criminal Code to enhance enforcement of the criminal interest rate and work with the provinces and territories to improve consumer protections. [...] The budget notes that the government intends to introduce legislative amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Criminal Code, the Income Tax Act, and the Excise Act. [...] OSFI Cashflow and Flexibility The 2024 budget proposes to amend the Office of the Superintendent of Financial Institutions Act to increase the maximum amount that may be advanced to the Office of the Superintendent of Financial Institutions from the consolidated revenue fund. [...] Financial Crimes To better protect Canadians from financial crimes the government is proposing to introduce amendments to the PCMLTFA, the Criminal Code, the Income Tax Act, and the Excise Tax Act with consequential and coordinating amendments to other statutes to strengthen the supervision, enforcement, and information-sharing tools of Canada’s anti-money laundering and anti-terrorist financing f.