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Chapter 15: Capital Budgeting

Jul 29, 2014

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Chapter 15: Capital Budgeting. Cost Accounting Principles, 9e. Raiborn ● Kinney. Learning Objectives . Why do most capital budgeting methods focus on cash flows? How is payback period computed, and what does it measure?

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Chapter 15:Capital Budgeting Cost Accounting Principles, 9e Raiborn● Kinney

Learning Objectives • Why do most capital budgeting methods focus on cash flows? • How is payback period computed, and what does it measure? • How are the net present value and profitability index of a project computed, and what do they measure? • How is the internal rate of return on a project computed, and what does that rate measure? • How do taxation and depreciation affect cash flows? • What are the underlying assumptions and limitations of each capital project evaluation method? • How do managers rank investment projects? • How is risk considered in capital budgeting analyses? • How and why should management conduct a postinvestment audit of a capital project? • (Appendix 1) How are present values calculated? • (Appendix 2) What are the advantages and disadvantages of the accounting rate of return method?

Capital Budgeting • Capital budgeting involves evaluating and ranking alternative future investments to effectively and efficiently allocated limited capital • Plan and prepare the capital budget • Review past investments to assess success of past decisions and enhance the decision process in the future

Capital Budgeting • Compare and evaluate alternative projects • financial and nonfinancial criteria • short- and long-term benefits • usually multiple criteria • Consider all significant stakeholders

Cash Flow Focus Capital Budgeting Financial Analysis • Payback period • Discounted payback period • Net present value • Profitability index • Internal rate of return • Accounting rate of return

Investment Decision Which assets to acquire Made by divisional managers and top management Financing Decision How to raise capital (debt/equity) to fund an investment Made by treasurer and top management Interest is a financing decision Investment vs. Financing First justify the acquisition Then justify how to finance it

Payback Period • Time required for project’s cash inflows to equal the original investment • the longer it takes to recover the original investment, the greater the risk • the faster capital is returned, the more rapidly it can be invested in other projects • management sets a maximum payback period

Discounting Future Cash Flows • Reduce the future value of cash flows by the portion that represents interest • Variables are • length of time until the cash flow is received or paid • required rate of return on capital—discount rate • Present value is stated in a common base of current dollars

Net Present Value • Evaluates if project rate of return is greater than, equal to, or less than the desired rate of return • Present value equals the cash flows discounted using the desired rate of return • Net present value equals present value of cash inflows minus present value of cash outflows • Does not calculate the rate of return

Profitability Index • Compares present value of net cash flows to net investment • Measures efficiency of the use of capital • Should be greater than or equal to 1 • Does not calculate the rate of return Profitability = PV of Net Cash Flows Index Net Investment

Internal Rate of Return • Discount rate where PV of cash inflows = PV of cash outflows NPV = 0 • Hurdle rate is the lowest acceptable return on investment (at least equal to the cost of capital) • If Internal Rate of Return = Hurdle Rate; Accept • If Internal Rate of Return > Hurdle Rate; Accept • If Internal Rate of Return < Hurdle Rate; Reject

After-Tax Cash Flows • Depreciation is not a cash flow item • Depreciation on capital assets affects cash flows by reducing the tax obligation • Depreciation is a tax shield that provides a tax benefit depreciation tax benefit = depreciation expense * tax rate

Uses time value money Provides specific rate of return Uses cash flows Considers returns during life of project Uses discount rate Payback NPV PI IRR N Y Y Y N N N Y Y Y Y Y N Y Y Y N Y Y N* Comparing Techniques *often used as a hurdle rate

The Investment Decision • Is the activity worthy of an investment? • Which assets can be used for the activity? • Of the available assets for each activity, which is the best investment? • Of the “best investments” for all worthwhile activities, in which ones should the company invest? Consider Quantitative and Qualitative Factors

Capital Budgeting Terms • Screening decision • Preference decision • Mutually exclusive projects • Independent projects • Mutually inclusive projects

Compensating for Risk • Judgmental method • Use logic and reasoning to decide if acceptable rate of return will be achieved • Risk-adjusted discount rate method • Higher discount/hurdle rate for riskier projects and/or cash flows • Shorter payback period for riskier projects • Higher IRR for riskier projects • Sensitivity analysis

Postinvestment Audit • Complete after project has stabilized • Compare actual results to expected results • Use same analysis techniques • Identify areas where results differ from expectation • Evaluate capital budgeting process, particularly original projections, problems with implementation, sponsor credibility

Questions • Why do most capital budgeting methods focus on cash flows? • What is the relationship between the net present value and the profitability index? • What are the assumptions and limitations of the various capital project evaluation methods?

Potential Ethical Issues • Ignoring the enhanced safety or detrimental environmental impact for project decisions • Changing assumptions or estimates to meet criteria for approval • Using a discount rate that is inappropriately low • Not conducting a postinvestment audit to hold decision makers accountable • Choosing projects based on accounting earnings only rather than including discounted cash flow methods

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Capital Budget Presentation

Governments should incorporate a number of appropriate guidelines when presenting its capital budget..

GFOA has several best practices that should be incorporated into the presentation of the capital budget.  These best practices include

• capital planning policies ,
• master plans and capital improvement planning ,
• multi-year capital planning ,
• capital asset management ,
• communicating capital improvement strategies , and
• capital project monitoring and reporting .

In addition, the capital presentation should include a summary/highlights section, project detail on major capital items, and operating impacts. An exceptional capital presentation enhances the transparency and accountability to citizens. It gives a broader context for citizens to understand major components of the  capital budget.

GFOA recommends that governments incorporate the following guidelines when presenting the capital budget

• Capital planning policies . Capital planning policies should be included as part of the overall financial policy section of the entity. The policies essentially set up the “ground rules” on how the organization will approach capital planning. Capital planning policy items may include such items as a clear definition of capital projects, the role of the various stakeholders in the process, financing policies (debt options versus pay as you go), funding sources, multi-year requirements, legal requirements, and monitoring oversight.
• Master plans and capital improvement planning . The presentation of the capital section should include a linkage with how CIP decisions relate to master plans. This can be done through diagrams, tables, and/or discussion.
• Multi-year capital planning . The capital budget should have a direct link to the multi-year capital improvement plan. The multi-year capital plan should identify needs, determine financial impacts, prioritize, and include a comprehensive financial plan. In addition, assumptions for sources and uses need to be identified. This would include contingencies as well.
• Capital asset management.  Major categories under capital asset management include condition ratings and service reliability. Presenting this information can be a good selling point for aspects of the capital program.
• Communicating capital improvement strategies.  The strategy of the capital improvement plan needs to be communicated to stakeholders with corresponding feedback. This can be done through a clear message and the use of various presentation methodologies including signage, press articles, website, social media, interest groups, public meetings, use of media, and a budget document.
• Capital project monitoring and reporting . When presenting capital planning information, there is a need to decide what data is relevant for both the internal and external stakeholders. Systems need to be in place to make sure that the data presented for projects is accurate for both timing and dollars.
• Highlights/Summary.  The capital presentation should focus on both sources and uses. The government should indicate the total dollar amount of capital expenditures for the budget year and for the multi-year plan. The capital plan sources and uses summary should include all projects (regardless of fund) that fit within the government's definition of capital expenditures. This information can be presented by fund, category, priority, strategic goal, or geographic location. The government should identify the funding sources for the same time period as expenditures. Pie charts are useful for identifying components, while bar charts show specific trends (historical and future). A budget overview or separate budget in brief could be included that presents both operating and capital highlights. Capital projects should be broken out between recurring and non-recurring. Recurring capital projects are those that 1) are included in almost every budget and 2) have a regular replacement cycle. Capital projects could be grouped by category, department, type, function, or funding. Unfunded projects should be summarized.
• Description.  For significant and/or non-recurring capital expenditures, the document should concisely describe these items (i.e. indicate the project’s purpose and funding sources) and indicate the amount appropriated for the project during the budget year(s).
• Timetable.  Showing a timetable for different phases of a project is very informative. Capital project schedules can be presented on the individual sheets.
• Graphics.  Legible graphic illustrations (pictures or maps) can add value to a capital project presentation.
• Links to Other Plans.  Governments may consider indicating on the individual capital project sheets what specific goals that the capital project is fulfilling.
• Revenue and Expenditure Estimates.  The individual project dollar estimates should be broken out by revenue type and expenditure component.
• Policies:  A specific policy on operating impacts should be included under the capital section in the financial policies of the government. A rule might be established that the capital improvement program may not be submitted/approved until specific dollar impacts are noted.
• Various anticipated phases of the project.
• In-house or external operations.
• Type of work being done.
• Whether the costs, savings, or revenues are recurring or non-recurring. For example, replacement and maintenance costs may occur on alternating or periodic years rather than annually over the life of a capital asset. A government should analyze the cycles for such up-keep costs and plan accordingly.
• Increased revenues may be the result of additional volume, like opening a new train line, a new swimming pool, or a sports facility.
• Increased expenditures are often the result of a new facility, like a school building, fire station, etc. This would result in additional headcount and associated expenditures. Expenditures can be broken out by component.
• Savings may result from a number of items such as more efficient energy savings, more productive software, and lower maintenance and repair expenditures.
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What Is Capital Budgeting?

How capital budgeting works, discounted cash flow analysis, payback analysis.

• Throughput Analysis
• Capital Budgeting FAQs

The Bottom Line

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Capital Budgeting: Definition, Methods, and Examples

Capital budgeting is a process that businesses use to evaluate potential major projects or investments. Building a new plant or taking a large stake in an outside venture are examples of initiatives that typically require capital budgeting before they are approved or rejected by management.

As part of capital budgeting, a company might assess a prospective project's lifetime cash inflows and outflows to determine whether the potential returns it would generate meet a sufficient target benchmark. The capital budgeting process is also known as investment appraisal.

Key Takeaways

• Capital budgeting is used by companies to evaluate major projects and investments, such as new plants or equipment. 
• The process involves analyzing a project's cash inflows and outflows to determine whether the expected return meets a set benchmark.  
• The major methods of capital budgeting include discounted cash flow, payback analysis, and throughput analysis.

Investopedia / Lara Antal

Ideally, businesses could pursue any and all projects and opportunities that might enhance shareholder value and profit. However, because the amount of capital any business has available for new projects is limited, management often uses capital budgeting techniques to determine which projects will yield the best return over an applicable period.

Although there are a number of capital budgeting methods , three of the most common ones are discounted cash flow, payback analysis, and throughput analysis.

Discounted cash flow (DCF) analysis looks at the initial cash outflow needed to fund a project, the mix of cash inflows in the form of revenue , and other future outflows in the form of maintenance and other costs.

These cash flows, except for the initial outflow, are discounted back to the present date. The resulting number from the DCF analysis is the net present value (NPV) . The cash flows are discounted since present value assumes that a particular amount of money today is worth more than the same amount in the future, due to inflation.

In any project decision, there is an opportunity cost , meaning the return that the company would have received had it pursued a different project instead. In other words, the cash inflows or revenue from the project need to be enough to account for the costs, both initial and ongoing, but also to exceed any opportunity costs.

With present value , the future cash flows are discounted by the risk-free rate such as the rate on a U.S. Treasury bond , which is guaranteed by the U.S. government, making it as safe as it gets. The future cash flows are discounted by the risk-free rate (or discount rate ) because the project needs to at least earn that amount; otherwise, it wouldn't be worth pursuing.

In addition, a company might borrow money to finance a project and, as a result, must earn at least enough revenue to cover the financing costs, known as the cost of capital . Publicly traded companies might use a combination of debt—such as bonds or a bank credit facility —and equity , by issuing more shares of stock. The cost of capital is usually a weighted average of both equity and debt. The goal is to calculate the hurdle rate or the minimum amount that the project needs to earn from its cash inflows to cover the costs. To proceed with a project, the company will want to have a reasonable expectation that its rate of return will exceed the hurdle rate.

Project managers can use the DCF model to decide which of several competing projects is likely to be more profitable and worth pursuing. Projects with the highest NPV should generally rank over others. However, project managers must also consider any risks involved in pursuing one project versus another.

Payback analysis is the simplest form of capital budgeting analysis, but it's also the least accurate. It is still widely used because it's quick and can give managers a " back of the envelope " understanding of the real value of a proposed project.

Payback analysis calculates how long it will take to recoup the costs of an investment. The payback period is identified by dividing the initial investment in the project by the average yearly cash inflow that the project will generate. For example, if it costs $400,000 for the initial cash outlay, and the project generates $100,000 per year in revenue, it will take four years to recoup the investment.

Payback analysis is usually used when companies have only a limited amount of funds (or liquidity ) to invest in a project, and therefore need to know how quickly they can get back their investment. The project with the shortest payback period would likely be chosen. However, the payback method has some limitations, one of them being that it ignores the opportunity cost.

Also, payback analysis doesn't typically include any cash flows near the end of the project's life. For example, if a project that's being considered involves buying factory equipment, the cash flows or revenue generated from that equipment would be considered but not the equipment's salvage value at the conclusion of the project. As a result, payback analysis is not considered a true measure of how profitable a project is, but instead provides a rough estimate of how quickly an initial investment can be recouped.

Salvage value

Salvage value is the value of an asset, such as equipment, at the end of its useful life .

Throughput Analysis 

Throughput analysis is the most complicated method of capital budgeting analysis, but it's also the most accurate in helping managers decide which projects to pursue. Under this method, the entire company is considered as a single profit-generating system. Throughput is measured as an amount of material passing through that system.

The analysis assumes that nearly all costs are operating expenses , that a company needs to maximize the throughput of the entire system to pay for expenses, and that the way to maximize profits is to maximize the throughput passing through a bottleneck operation. A bottleneck is the resource in the system that requires the longest time in operations. This means that managers should always place a higher priority on capital budgeting projects that will increase throughput or flow passing through the bottleneck.

What Is the Primary Purpose of Capital Budgeting?

Capital budgeting's main goal is to identify projects that produce cash flows that exceed the cost of the project for a company.

What Is an Example of a Capital Budgeting Decision?

Capital budgeting decisions are often associated with choosing to undertake a new project that will expand a company's current operations. Opening a new store location, for example, would be one such decision for a fast-food chain or clothing retailer.

What Is the Difference Between Capital Budgeting and Working Capital Management?

Working capital management is a company-wide process that evaluates current projects to determine whether they are adding value to the business, while capital budgeting focuses on expanding the current operations or assets of the business.

Capital budgeting is a useful tool that companies can use to decide whether to devote capital to a particular new project or investment. There are several capital budgeting methods that managers can use, ranging from the crude but quick to the more complex and sophisticated.

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Capital Budgeting - PowerPoint PPT Presentation

Capital Budgeting

Reinvestment. refinancing. capital budgeting is used to make the investment ... reinvestment assumption: the irr calculation assumes that all future cash flows ... – powerpoint ppt presentation.

• Introduction
• Net Present Value (NPV)
• Payback Period Rule (PP)
• Discounted Payback Period Rule
• Average Accounting Return (AAR)
• Internal Rate of Return Rule (IRR)
• Profitability Index Rule (PI)
• Special Situations
• Mutually Exclusive, Differing Scales
• Capital Rationing
• Summary and Conclusions
• Capital Budgeting is the process of determining which real investment projects should be accepted and given an allocation of funds from the firm.
• To evaluate capital budgeting processes, their consistency with the goal of shareholder wealth maximization is of utmost importance.
• Mutually Exclusive Projects only ONE of several potential projects can be chosen, e.g. acquiring an accounting system.
• RANK all alternatives and select the best one.
• Independent Projects accepting or rejecting one project does not affect the decision of the other projects.
• Must exceed a MINIMUM acceptance criteria.
• Total PV of future CFs - Initial Investment
• Estimating NPV
• 1. Estimate future cash flows how much? and when?
• 2. Estimate discount rate
• 3. Estimate initial costs
• Minimum Acceptance Criteria
• Accept if NPV gt 0
• Ranking Criteria Choose the highest NPV
• Assume you have the following information on
• Initial outlay -1,100 Required return 10
• Annual cash revenues and expenses are as follows
• Year Revenues Expenses
• 1 1,000 500
• 2 2,000 1,300
• 3 2,200 2,700
• 4 2,600 1,400
• Draw a time line and compute the NPV of project X.
• Resulting number is easy to interpret shows how wealth will change if the project is accepted.
• Acceptance criteria is consistent with shareholder wealth maximization.
• Relatively straightforward to calculate
• An improper NPV analysis may lead to the wrong choices of projects when the firm has capital rationing this will be discussed later.
• How long does it take the project to pay back its initial investment?
• Payback Period of years to recover costs of project
• Minimum Acceptance Criteria set by management
• Ranking Criteria set by management
• Initial outlay -1,000
• Year Cash flow Cash flow
• Accumulated
• Year discounted cash flow
• Discounted payback period is just under 3 years
• Also known as Accounting Rate of Return (ARR)
• Method using accounting data on profits and book value of the investment
• AAR Average Net Income / Average Book Value
• If AAR gt some target book rate of return, then accept the project
• You want to invest in a machine that produces squash balls.
• The machine costs 90,000.
• The machine will die after 3 years (assume straight line depreciation, the annual depreciation is 30,000).
• You estimate for the life of the project
• Year 1 Year 2 Year 3
• Sales 140 160 200
• Expenses 120 100 90
• EBD 20 60 110
• IRR the discount rate that sets the NPV to zero
• Accept if IRR gt required return
• Ranking Criteria Select alternative with the highest IRR
• Reinvestment assumption the IRR calculation assumes that all future cash flows are reinvested at the IRR
• The NPV Profile
• Discount rates NPV
• IRR is between 20 and 25 -- about 23.30
• If required rate of return (r) is lower than IRR gt accept the project (e.g. r 15)
• If required rate of return (r) is higher than IRR gt reject the project (e.g. r 25)
• IRR number is easy to interpret shows the return the project generates.
• Acceptance criteria is generally consistent with shareholder wealth maximization.
• Does not distinguish between investing and financing scenarios
• IRR may not exist or there may be multiple IRR
• Problems with mutually exclusive investments
• The NPV Profile of a Financing Project
• 0 -1,500.00
• IRR is between 10 and 15 -- about 14.37
• For a Financing Project, the required rate of return is the cost of financing, thus
• If required rate of return (r) is lower than IRR gt reject the project (e.g. r 10)
• If required rate of return (r) is higher than IRR gt accept the project (e.g. r 15)
• IRR cannot be used in this circumstance, the only solution is to revert to another method of analysis. NPV can handle these problems.
• How to recognize when this IRR problem can occur
• When changes in the signs of cash flows happen more than once the problem may occur (depending on the relative sizes of the individual cash flows).
• Examples - -- -- ---
• Total Present Value of future CFs / Initial Investment
• Minimum Acceptance Criteria Accept if PI gt 1
• Ranking Criteria Select alternative with highest PI
• Consider the following information on Project Y
• Initial outlay -1,100
• Required return 10
• Annual cash benefits
• Year Cash flows
• Whats the NPV?
• Whats the Profitability Index (PI)?
• The NPV of Project Y is equal to
• NPV (500/1.1) (1,000/1.12) - 1,100 (454.54 826.45) - 1,100
• 1,280.99 - 1,100 180.99.
• PI PV Cashflows/Initial Investment
• This is a good project according to the PI rule.
• Disadvantages
• Problems with mutually exclusive investments (to be discussed later)
• May be useful when available investment funds are limited (to be discussed later).
• Easy to understand and communicate
• Correct decision when evaluating independent projects
• When projects are independent and the firm has few constraints on capital, then we check to ensure that projects at least meet a minimum criteria if they do, they are accepted.
• NPV0 IRRhurdle rate PI1
• Sometimes a firm will have plenty of funds to invest, but it must choose between projects that are mutually exclusive. This means that the acceptance of one project precludes the acceptance of any others. In this case, we seek to choose the one highest ranked of the acceptable projects.
• If the firm has capital rationing, then its funds are limited and not all independent projects may be accepted. In this case, we seek to choose those projects that best use the firms available funds. PI is especially useful here.
• Consider the following two mutually exclusive projects. Assume the opportunity cost of capital is 12
• As you can see, individual IRRs and PIs are not good for comparing between two mutually exclusive projects.
• However, we know IRR and PI are good for evaluating whether one project is acceptable.
• Therefore, consider one project that involves switching from the smaller project to the larger project. If IRR or PI indicate that this is worthwhile, then we will know which of the two projects is better.
• Incremental cash flow analysis looks at how the cash flows change by taking a particular project instead of another project.
• IRR and PI analysis of incremental cash flows tells us which of two projects are better.
• Beware, before accepting the better project, you should always check to see that the better project is good on its own (i.e., is it better than do nothing).
• Recall If the firm has capital rationing, then its funds are limited and not all independent projects may be accepted. In this case, we seek to choose those projects that best use the firms available funds. PI is especially useful here.
• Note capital rationing is a different problem than mutually exclusive investments because if the capital constraint is removed, then all projects can be accepted together.
• Analyze the projects on the next page with NPV, IRR, and PI assuming the opportunity cost of capital is 10 and the firm is constrained to only invest 50,000 now (and no constraint is expected in future years).
• NPV rankings (best to worst)
• A, D, C, B, E
• A uses up the available capital
• Overall NPV 4,545.45
• IRR rankings (best to worst)
• E, D, B, A, C
• E, D, B use up the available capital
• Overall NPV NPVEDB6,181.82
• PI rankings (best to worst)
• E, D, C, B, A
• E, D, C use up the available capital
• Overall NPV NPVEDC6,381.82
• The PI rankings produce the best set of investments to accept given the capital rationing constraint.
• PI is best for initial ranking of independent projects under capital rationing.
• Comparing NPVs of feasible combinations of projects would also work.
• IRR may be useful if the capital rationing constraint extends over multiple periods (see project C).
• Discounted Cash Flow (DCF) techniques are the best of the methods we have presented.
• In some cases, the DCF techniques need to be modified in order to obtain a correct decision. It is important to completely understand these cases and have an appreciation of which technique is best given the situation.

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Understanding capital budgeting

Capital budgeting is the process of planning and managing a company's long-term investments in assets such as property, plant, and equipment. It involves evaluating the potential returns on these investments, considering the costs and risks associated with them, and deciding which investments to pursue in order to achieve the company's financial goals.

Methods of Capital budgeting

There are several methods that companies can use to evaluate potential investments, including:

• Net present value (NPV): This method calculates the present value of the expected cash flows from an investment, taking into account the time value of money and the cost of capital. A positive NPV indicates that the investment is expected to generate more cash than the initial investment.
• Internal rate of return (IRR): This method calculates the rate at which the NPV of an investment is equal to zero. A higher IRR indicates a better investment opportunity.
• Payback period: This method calculates the length of time it will take to recover the initial investment in an asset. A shorter payback period is generally preferred.
• Return on investment (ROI): This method calculates the ratio of the expected return on an investment to the initial investment. A higher ROI indicates a better investment opportunity.

Capital budgeting decisions are important for companies because they can have a significant impact on the long-term success and financial health of the business. It is important to carefully consider the costs and risks associated with potential investments and to choose those that are most likely to generate the desired returns.

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2024 federal budget's key takeaways: Housing and carbon rebates, students and sin taxes

Budget sees nearly $53b in new spending over the next 5 years.

What's in the new federal budget?

Social sharing.

Finance Minister Chrystia Freeland today tabled a 400-page-plus budget her government is pitching as a balm for anxious millennials and Generation Z.

The budget proposes $52.9 billion in new spending over five years, including $8.5 billion in new spending for housing. To offset some of that new spending, Ottawa is pitching policy changes to bring in new revenue.

Here are some of the notable funding initiatives and legislative commitments in budget 2024.

Ottawa unloading unused offices to meet housing targets

One of the biggest pillars of the budget is its housing commitments. Before releasing the budget, the government laid out what it's calling Canada's Housing Plan — a pledge to "unlock" nearly 3.9 million homes by 2031.

The government says two million of those would be net new homes and it believes it can contribute to more than half of them. 

It plans to do that by:

• Converting underused federal offices into homes. The budget promises $1.1 billion over ten years to transform 50 per cent of the federal office portfolio into housing.
• Building homes on Canada Post properties. The government says the 1,700-plus Canada Post offices across the country can be used to build new homes while maintaining postal services. The federal government says it's assessing six Canada Post properties in Quebec, Alberta and British Columbia for development potential "as a start."
• Rethinking National Defence properties. The government is promising to look at redeveloping properties and buildings on National Defence lands for military and civilian use.
• Building apartments. Ottawa is pledging a $15 billion top-up to the Apartment Construction Loan Program, which says it will build 30,000 new homes across Canada.

Taxing vacant land?

As part of its push on housing, the federal government also says it's looking at vacant land that could be used to build homes.

It's not yet committing to new measures but the budget says the government will consider introducing a new tax on residentially zoned vacant land. 

• Freeland's new federal budget hikes taxes on the rich to cover billions in new spending
• Are you renting with no plans to buy? Here's what the federal budget has for you

The government said it plans to launch consultations on the measure later this year.

Help for students 

There's also something in the budget for students hunting for housing.

The government says it will update the formula used by the Canada Student Financial Assistance Program to calculate housing costs when determining financial need, to better reflect the cost of housing in the current climate.

The government estimates this could deliver more aid for rent to approximately 79,000 students each year, at an estimated cost of $154.6 million over five years.

• Updated Federal budget's funding boost for defence spread out over multiple years
• Liberals pledge $9B in new money for Indigenous communities in 2024 budget

The government is also promising to extend increased student grants and interest-free loans, at an estimated total cost of $1.1 billion this year.

Increase in taxes on capital gains

To help cover some of its multi-billion dollar commitments, the government is proposing a tax hike on capital gains — the profit individuals make when assets like stocks and second properties are sold.

The government is proposing an increase in the taxable portion of capital gains, up from the current 50 per cent to two thirds for annual capital gains over $250,000. 

New investment to lead 'housing revolution in Canada,' Freeland says

Freeland said the change would impact the wealthiest 0.1 per cent.

There's still some protection for small businesses. There's been a lifetime capital gains exemption which allows Canadians to exempt up to $1,016,836 in capital gains tax-free on the sale of small business shares and farming and fishing property. This June the tax-free limit will be increased to $1.25 million and will continue to be indexed to inflation thereafter, according to the budget.

The federal government estimates this could bring in more than $19 billion over five years, although some analysts are not convinced.

Disability benefit amounts to $200 per month 

Parliament last year passed the Canada Disability Benefit Act, which promised to send a direct benefit to low-income, working-age people with disabilities. 

Budget 2024 proposes funding of $6.1 billion over six years, beginning this fiscal year, and $1.4 billion per year ongoing, for a new Canada Disability Benefit.

Advocates had been hoping for something along the lines of $1,000 per month per person . They'll be disappointed.

According to the budget document, the maximum benefit will amount to $2,400 per year for low income individuals with disabilities between the ages of 18 and 64 — about $200 a month.

• Federal government plans to lease public lands for construction through new housing strategy
• Alberta premier says she's prepared to take Ottawa to court over housing deals

The government said it plans for the Canada Disability Benefit Act to come into force in June 2024 and for payments to start in July 2025.

Carbon rebate for small businesses coming 

The federal government has heard an earful from small business advocates who accuse it of reneging on a promise to return a portion of carbon pricing revenues to small businesses to mitigate the tax's economic costs.

• What's behind the carbon tax, and does it work?
• Federal government scales back carbon tax rebates for small businesses

The budget proposes to return fuel charge proceeds from 2019-20 through 2023-24 to an estimated 600,000 businesses with 499 or fewer employees through a new refundable tax credit.

The government said this would deliver $2.5 billion directly to Canada's small- and medium-sized businesses.

Darts and vape pods will cost more 

Pitching it as a measure to cut the number of people smoking and vaping, the Liberals are promising to raise revenues on tobacco and smoking products.

• Just Asking  wants to know:   What questions do you have about quitting smoking or vaping? Do you think sin taxes will encourage smoking cessation?  Fill out the details on  this form  and send us your questions ahead of our show on April 20.

Starting Wednesday, the total tobacco excise duty will be $5.49 per carton. The government estimates this could increase federal revenue by $1.36 billion over five years starting in 2024-25.

The budget also proposes to increase the vaping excise duty rates by 12 per cent effective July 1. That means an increase of 12 to 24 cents per pod, depending on where you live. 

• 'Stay the hell away from our kids': Health minister vows to restrict nicotine pouches — but how?

Ottawa hopes this increase in sin taxes will bring in $310 million over five years, starting in 2024-25.

More money for CBC 

Heritage Minister Pascale St-Onge has mused about redefining the role of the public broadcaster before the next federal election . But before that happens, CBC/Radio-Canada is getting a top-up this year. 

The budget promises $42 million more in 2024-25 for CBC/Radio-Canada for "news and entertainment programming." CBC/Radio-Canada received about $1.3 billion in total federal funding last year.

The government says it's doing this to ensure that Canadians across the country, including rural, remote, Indigenous and minority language communities, have access to independent journalism and entertainment.

Last year, the CBC announced a financial shortfall, cut 141 employees and eliminated 205 vacant positions. In a statement issued Tuesday, CBC spokesperson Leon Mar said the new funding means the corporation can balance its budget "without significant additional reductions this year."

Boost for Canada's spy agency 

As the government takes heat over how it has handled the threat of foreign election interference, it's promising more money to bolster its spy service.

The Canadian Security Intelligence Service is in line to receive $655.7 million over eight years, starting this fiscal year, to enhance its intelligence capabilities and its presence in Toronto.

• CSIS chief defends his spies' work after PM casts doubt on reliability of agency's reports
• Trudeau says it's his job to question CSIS intelligence, call out 'contradictions'

The budget also promises to guarantee up to $5 billion in loans for Indigenous communities to participate in natural resource development and energy projects in their territories.

These loans would be provided by financial institutions or other lenders and guaranteed by the federal government, meaning Indigenous borrowers who opt in could benefit from lower interest rates, the budget says. 

ABOUT THE AUTHOR

Catharine Tunney is a reporter with CBC's Parliament Hill bureau, where she covers national security and the RCMP. She worked previously for CBC in Nova Scotia. You can reach her at [email protected]

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Budget de 2024 une chance équitable pour chaque génération.

Le budget fédéral de 2024 est le plan établi par le gouvernement pour construire plus de logements, plus rapidement, aider à rendre la vie plus abordable et faire croître l’économie pour aider chaque génération à prospérer.

Voici comment notre plan économique peut vous aider à :

Acheter une propriété ou louer un logement.

Nous donnons un coup d’accélérateur à la construction de logements dans tout le pays, et nous protégeons les droits des locataires, des personnes qui achètent une première habitation et des propriétaires.

Compte d’épargne libre d’impôt pour l’achat d’une première propriété

Plus de 750 000 Canadiennes et Canadiens ont ouvert un compte pour se constituer une première mise de fonds et épargner plus rapidement grâce à l’allégement fiscal.

Protéger les droits des locataires

Notre nouvelle charte canadienne des droits des locataires protégera les locataires contre les pratiques déloyales, simplifiera les baux et améliorera la transparence du montant des loyers.

• Bonifier la charte hypothécaire canadienne

La charte hypothécaire canadienne aide à protéger les propriétaires qui ont du mal à faire leurs paiements hypothécaires. Nous l’améliorons pour qu’il soit plus facile pour les jeunes Canadiennes et Canadiens d’acheter leur première propriété. Pour ce faire, nous veillons à ce que la cote de crédit des locataires tienne compte de leurs paiements de loyer et permettons une période d’amortissement pouvant aller jusqu’à 30 ans pour les acheteurs d’une première propriété nouvellement construite.

Élever sa famille

Transformer le filet de sécurité sociale du Canada pour aider les jeunes parents à payer les coûts liés au fait d’élever des enfants.

Programme national d’alimentation scolaire

Le nouveau Programme national d’alimentation scolaire permettra aux enfants d’avoir les repas nutritifs dont ils ont besoin pour réussir et prendre un bon départ dans la vie.

Plus de places en garderie à 10 $ par jour

Nous sommes en bonne voie d’atteindre d’ici 2026 l’objectif d’offrir des places en garderie à 10 $ par jour dans chaque province et territoire, et les frais ont déjà été réduits de 50 % partout au Canada, ce qui fait épargner des milliers de dollars aux familles. Nous créons plus de places et formons un plus grand nombre d’éducatrices et d’éducateurs de la petite enfance afin que chaque famille canadienne ait accès à des services de garde d’enfants abordables.

Fournir l’accès aux soins dentaires aux Canadiennes et Canadiens qui en ont besoin

Le Régime canadien de soins dentaires vient d’être mis en œuvre pour les personnes non assurées au pays dont le revenu familial est inférieur à 90 000 $, afin que toute la population canadienne puisse avoir accès aux soins dentaires qu’elle mérite. D’ici 2025, neuf millions de Canadiennes et Canadiens seront couverts par ce régime.

Obtenir un emploi bien rémunéré

Créer pour les jeunes de nouvelles possibilités de poursuivre leurs études et d’acquérir les compétences nécessaires pour obtenir un emploi bien rémunéré.

Augmenter les prêts d’études canadiens sans intérêt

Augmenter les prêts et bourses fédéraux aux étudiants et aux apprentis, car toute personne qui souhaite faire des études devrait avoir le soutien nécessaire pour en couvrir les coûts.

Plus d’expérience de travail et plus de formations professionnelles pour les jeunes

Aider les jeunes à acquérir les compétences et l’expérience de travail dont ils ont besoin pour réaliser leurs rêves et décrocher un emploi bien rémunéré.

Stratégie canadienne de formation en apprentissage

Appuyer les gens de métiers spécialisés en outillant les programmes de formation et en créant plus de postes d’apprentis, afin d’assurer le succès des jeunes en apprentissage.

Acheter des produits essentiels

Aider les Canadiennes et Canadiens à conserver une plus grande partie de leur argent et à se bâtir une vie meilleure en stabilisant le coût des produits de première nécessité.

Stabiliser les prix des produits d’épicerie

Accroître la concurrence et surveiller les efforts déployés par les chaînes d’épicerie pour aider à stabiliser les prix, et réduire les coûts pour les agricultrices et les agriculteurs qui produisent notre nourriture.

Établir un régime national d’assurance médicaments

De nouveaux programmes pour aider à payer les frais de dentiste et de pharmacie, y compris le coût des contraceptifs et de l'insuline, allègeront encore le fardeau financier des Canadiennes et des Canadiens.

Rendre plus abordables les services Internet et de téléphonie résidentielle et cellulaire

Réduire les coûts des services, réduire les frais indésirables, et accroître les possibilités pour les gens de changer de fournisseur pour en avoir plus pour leur argent.

Prendre votre retraite en toute sécurité

Après avoir travaillé fort toute sa vie, chaque personne mérite de savoir qu’elle aura un revenu sûr et confortable à la retraite.

Renforcer le Régime de pensions du Canada (RPC)

Bonifier le RPC pour offrir une augmentation des prestations de retraite pouvant atteindre 50 %.

Soutenir les soins de longue durée

Faire progresser le projet de loi sur les soins de longue durée sécuritaires afin d’appuyer de nouvelles normes nationales relatives aux soins de longue durée.

Des prestations plus élevées pour les personnes âgées

Augmenter la pension de la Sécurité de la vieillesse et le Supplément de revenu garanti afin d’offrir aux personnes âgées le soutien financier dont elles ont besoin à la retraite.

Faits saillants du budget de 2024

Plus de 750 000 Canadiennes et Canadiens ont ouvert un compte d’épargne libre d’impôt pour l’achat d’une première propriété

Au Canada, + de 750 000 personnes ont ouvert un compte d’épargne libre d’impôt pour l’achat d’une première propriété

Résoudre la crise du logement : le Plan du Canada sur le logement

Rendre disponibles 3,87 millions de nouveaux logements nets d’ici 2031, pour permettre à chaque personne de trouver un chez-soi abordable. De plus, nous faisons en sorte qu’il soit plus facile d’épargner pour l’achat d’une première propriété tout en louant un logement.

• Construire des logements différemment
• Rendre disponibles 250 000 nouveaux logements sur des terrains publics

Découvrez comment le gouvernement rendra le coût du logement plus abordable .

Une chance équitable pour chaque génération

Le gouvernement aide à rétablir l’équité entre les générations pour les millénariaux et la génération Z en rendant plus abordable le coût des études, du logement et des produits de première nécessité.

• Bonifier les bourses et prêts d’études afin de tenir compte de l’augmentation du coût de l’éducation
• Lancer un nouveau Fonds pour la santé mentale des jeunes afin que les jeunes aient accès au soutien dont ils ont besoin
• Offrir des possibilités de stage et de soutien à l’emploi grâce à la Stratégie emploi et compétences jeunesse

90 000 nouvelles possibilités d’emploi pour les jeunes

Investir 2,4 milliards de dollars pour protéger l’avantage du Canada en matière d’IA

• Croissance économique et productivité

Le budget de 2024 présente de nouveaux investissements dans l’innovation, la croissance et l’amélioration de la productivité au Canada.

Le budget de 2024 comprend de nouvelles mesures pour accélérer la croissance de l’emploi dans le secteur canadien de l’IA et au-delà, stimuler la productivité en aidant la communauté de la recherche et les entreprises à développer et à adopter l’IA, et veiller à ce que ce soit fait de manière responsable.

• Investir dans l’écosystème canadien de l’IA
• Augmenter le soutien à la recherche en accordant un financement de 1,8 milliard de dollars pour hausser les subventions de recherche de base
• Créer l’incitatif à l’entrepreneuriat canadien

Découvrez le plan du gouvernement pour accroître l’innovation et la productivité au Canada .

Rendre disponibles 3,87 millions de nouveaux logements d’ici 2031.

Le Canada compte aujourd’hui au-delà de 1,1 million de personnes de plus sur le marché du travail qu’avant la pandémie.

Grâce au soutien des services de garde abordables, le taux de participation au marché du travail des Canadiennes en âge de travailler a atteint un sommet record de 85,4 % .

Aperçu de la situation économique et budgétaire

Situation économique du canada.

L’économie canadienne s’améliore et affiche des résultats qui dépassent les attentes. Le FMI et l’OCDE prévoient tous deux que le Canada affichera le taux de croissance économique le plus fort du G7 en 2025. Malgré les hausses des taux d’intérêt, le Canada a évité la récession prévue par certains. L’inflation globale a diminué considérablement; depuis son sommet de 8,1 % atteint en juin 2022, elle est passée à 2,8 % en février 2024.

Graphique 6 Perspectives de l’inflation de l’indice des prix à la consommation

Nota – Le dernier point de données correspond au T4 de 2024.

Sources : Statistique Canada; enquête de mars 2024 du ministère des Finances Canada auprès d'économistes du secteur privé

Projections économiques et budgétaires

Nous demandons aux personnes les plus fortunées de payer leur juste part, pour maintenir les impôts de la classe moyenne à un taux plus bas, et pour s’assurer que les prochaines générations héritent de la prospérité du Canada, et non d’une dette grandissante.

Dans le budget de 2024, le gouvernement investit pour donner une chance équitable à chaque génération tout en répondant à ses objectifs budgétaires. Le Canada maintient les ratios de la dette nette au PIB et du déficit au PIB les plus bas du G7, et il préserve sa viabilité budgétaire à long terme.

Graphique 21 Ratio de la dette fédérale au PIB selon les scénarios économiques

Sources : enquête de mars 2024 du ministère des Finances Canada auprès d'économistes du secteur privé; calculs du ministère des Finances Canada

Améliorer l’équité fiscale pour chaque génération

L’équité fiscale est importante pour chaque génération, particulièrement pour les jeunes Canadiennes et Canadiens.

Le taux d’inclusion des gains en capital est la portion des gains sur laquelle l’impôt est payé. Pour rendre le régime fiscal plus équitable pour 99,87 % de la population, le taux d’inclusion des gains en capital supérieurs à 250 000 $ réalisés annuellement par les plus riches passera de la moitié à deux tiers. Seulement 0,13 % des personnes, dont le revenu moyen est de 1,4 million de dollars, devraient payer plus d’impôt sur le revenu des particuliers sur leurs gains en capital au cours d’une année donnée.

L’exemption pour les gains en capital provenant de la vente d’une résidence principale sera maintenue.

Graphique 8.4 Le taux effectif marginal d'imposition du Canada est le plus faible du G7

Documents d’information

• Principales mesures (disponibles en langues non officielles)
• Principales mesures
• Des logements plus abordables
• Un filet de sécurité sociale plus solide
• Une chance équitable pour les jeunes générations
• Favoriser la croissance des petites entreprises
• Des communautés plus en santé et en sécurité
• Un avenir équitable pour les Autochtones
• L’équité fiscale pour chaque génération

Documents connexes

• Communiqués
• Allocution de la vice-première ministre et ministre des Finances
• Cadre des services bancaires pour les gens du Canada
• Énoncé et rapport sur les répercussions sur le genre, la diversité et l'inclusion
• Mesures législatives
• Mesures fiscales : renseignements supplémentaires

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Here's what to expect in the 2024 federal budget

Deputy Prime Minister and Finance Minister Chrystia Freeland will be presenting the 2024 federal budget on Tuesday, revealing how the federal Liberal government intends to balance the nearly $40 billion in pre-announced new spending with her vow to remain fiscally prudent.

Amid calls for a concerted focus on boosting Canada's productivity, Freeland has said the full picture of the state of the country's finances will focus on "building more homes, faster, making life more affordable, and creating more good jobs."

Declaring that the country is at a "pivotal moment" that requires urgent investment, the federal government is planning to introduce a bevy of measures in Tuesday's budget to help put a dent in Canada's housing crisis and win back straying millennial and Generation Z voters.

• Capital Dispatch: Sign up for in-depth political coverage of Parliament Hill

However, the new spending is coming amid concerns over a sizable federal deficit and remaining uncertainty around the degree of provincial and territorial buy-in for some of the bigger-ticket loan offerings the Liberals have previewed as coming in the budget.

Among the tens of billions of dollars pre-promised for health, child care and building 3.9 million new homes, more than $17 billion is loan-based, meaning the money is expected to come back around. Meanwhile, possible further sizeable spends have yet to be announced, such as the initial pharmacare allotment.

New wealth taxes ahead?

How Freeland intends to uphold her fiscal targets outlined in the fall economic statement – maintaining a declining deficit-to-GDP ratio and keeping deficits below one per cent of GDP in 2026-27 and beyond – is going to be one of the key areas of focus for those scrutinizing the federal balance sheet.

While Prime Minister Justin Trudeau has ruled out raising taxes on Canada's middle class, Freeland has so far refused to say whether the budget could include new or higher taxes for wealthier Canadians or corporate Canada. Nor has she shed any light on where additional revenue may be found, whether in deeper cuts or otherwise.

Moreover, the finance minister vowed last week that the deficit will not increase in this budget and the Liberals remain mindful of not knocking the Bank of Canada off its track towards reducing interest rates.

With these factors in mind, economists are largely forecasting that the most likely ways Freeland will look to offset the coming new spending will be to push off earmarked spending into future years and raise taxes.

"Some part of it could also come from higher revenues, increasing taxes on corporations, things like excess profit taxes … or increasing taxes on the wealthiest Canadians," Desjardins' senior director of Canadian economics Randall Bartlett said.

"Whether that's on income from financial assets, or whether that's on personal and increasing the marginal income tax rate."

Trudeau delivered a speech to the Canadian Chamber of Commerce in Ottawa on Monday afternoon, further prepositioning his government's economic vision.

"Millennials and Gen Z now make up the majority of Canada's labour force. They are our economy. Everything that is created, built, served and sold in this country is increasingly being created, built, served and sold by millennials and Gen Z. So, their success is going to be our success, Canada's success," Trudeau said.

Speaking to a crowd that's calling on the government to work with businesses to spur economic growth and not impose new taxes that could deter investors, Trudeau made no mention of any wealth-targeting plans that may be afoot.

"Canada's competitiveness is slipping, and productivity continues to decline. This weak performance leaves Canadians poorer, with fewer opportunities to achieve their personal goals, and it forces them to pay more just to stay where they are," Canadian Chamber president and CEO Perrin Beatty said in a statement preceding the prime minister's address.

"Without much greater growth, we won't be able to maintain our standard of living or provide the services Canadians require."

'Generational fairness' focus

Traditionally, governments have held budget news — save for some pre-tabling leaks — for the day the document is tabled in the House of Commons. However, the federal Liberals deployed a new pre-budget communications strategy this year.

Since late March, Trudeau and members of his cabinet have been selectively teasing out bits and pieces of the federal budget before it is actually unveiled, through a series of near-daily announcements.

• The latest on inflation in Canada

With a targeted focus on Canada's younger generations who are feeling squeezed by inflation and as if the deck is stacked against their future prosperity, the overall theme for the 2024 budget is "generational fairness."

Seeking to echo this, on Monday Freeland kept with the pre-budget political tradition of selecting her budget day shoes, a pair of black leather heels from direct-to-consumer Canadian shoe brand Maguire.

Founded by two sisters, the brand has a stated focus on "working to make high-quality fashion footwear fair and accessible." 

New spending announced so far

Here is a recap of all the new spending and major loan commitments as well as announcements about budget-related policy pledges made during this weeks-long pre-budget rollout:

• March 27: Canadian Renters' Bill of Rights , $15-million Tenant Protection Fund, and renter credit changes. 
• March 28: $1 billion in loans and $60 million in grants to build or renovate child-care centres , plus $48 million to extend student loan forgiveness for early childhood educators.
• March 30: Touting plan to rollout the first phase of national pharmacare related to contraceptives and diabetes medication. 
• April 1: $1 billion over five years to fund a new national school food program for 400K more kids. 
• April 2: $6-billion Canada Housing Infrastructure Fund , topping up the Housing Accelerator Fund by $400 million. 
• April 3: $15-billion top-up to the Apartment Construction Loan Program, launching "Canada Builds." 
• April 4: $1 billion in loans and $470 million in contributions for new r ental protection fund to preserve rent prices. 
• April 5: $600 million in for a series of new homebuilding innovation efforts aimed at scaling-up modular and prefabricated homes. 
• April 6: $2.4 billion to build capacity in artificial intelligence , largely for computing capabilities and technical infrastructure. 
• April 8: $8.1 billion over the next five years as part of the long-term defence policy update.
• April 9: $500 million for a new youth mental health fund to help community organizations provide more care. 
• April 10: $105 million to double firefighters and search and rescue volunteer tax credits, and $166.2 million for First Nations emergency management.
• April 11: 30-year mortgage amortizations for first-time homebuyers purchasing new builds , additional RRSP extension. 
• April 12: A multibillion-dollar package tying in the government's suite of plans meant to solve the housing crisis . 
• April 14: A new Secondary Suite Loan Program allowing homeowners to access up to $40,000 in low-interest loans to add secondary suites. 

Political expectations

The incoming budget will also be a key political document. While the federal New Democrats continue to back the Liberals on confidence matters, Conservative Leader Pierre Poilievre has maintained a double-digit lead over the Liberals with his largely economy-focused partisan attacks.

Each taking their turns setting out their expectations for Tuesday's budget tabling – slated for around 4 p.m. ET in the House of Commons – Trudeau's political opponents have a laundry list of measures they'd like to see included.

For Poilievre, his chief demand for some time has been to "fix the budget" and stop inflationary spending that he argues is driving up the average family's interest obligations. In question period on Monday he took aim at certain plans to spend more.

"They have a food program which after eight years has no food, an affordable housing program which has doubled housing costs… When will they realize that after eight years this NDP-Liberal prime minister is not worth the cost?" he asked.

NDP Leader Jagmeet Singh said he wants to see a budget that lowers costs for Canadians and makes "big corporations start paying their fair share."

"Let's take on the corporate greed, which is driving up the cost of living," Singh said, speaking to reporters ahead of question period. "We absolutely believe that the wealthy should pay their fair share. But what we've been focused on … it's large corporations that are exploiting Canadians."

Similarly, Green Party co-leader Elizabeth May called on Trudeau to take "bold steps" to increase revenue and "make wartime level investments to fund the caring society that Canadians deserve."

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In a first-of-its-kind ruling, a B.C. judge has awarded a former couple joint custody of their dog.

Saskatoon police to search landfill for remains of woman missing since 2020

Saskatoon police say they will begin searching the city’s landfill for the remains of Mackenzie Lee Trottier, who has been missing for more than three years.

Shivering for health: The myths and truths of ice baths explained

In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.

First Nation solar farm in B.C. expected to save 1.1 million litres of diesel a year

A First Nation in central British Columbia will build what the federal government says will likely be the largest off-grid solar project in Canada.

Home sale contract handwritten in Chinese holds up in B.C. court

A one-page contract for the purchase of a B.C. home that was handwritten in Chinese has been deemed valid in the province's Supreme Court, leaving the would-be buyer on the hook for more than $400,000.

Sask. Teachers' Federation sending offer to a vote 'tactical move': labour scholar

Teachers have three weeks to consider how they’ll vote on an offer from the provincial bargaining committee. But where does the dispute go next?

Manitoba mom praises quick-thinking fire department for freeing daughter stuck in playground equipment

A Manitoba mother is praising firefighters for their quick work in helping her daughter who got stuck at a playground in Lorette, Man.

North Korea says it tested 'super-large' cruise missile warhead and new anti-aircraft missile

North Korea said Saturday it tested a “super-large” cruise missile warhead and a new anti-aircraft missile in a western coastal area as it expands military capabilities in the face of deepening tensions with the United States and South Korea.

USC cancels graduation keynote by filmmaker amid controversy over decision to drop student's speech

The University of Southern California further shook up its commencement plans Friday, announcing the cancelation of a keynote speech by filmmaker Jon M. Chu just days after making the controversial choice to disallow the student valedictorian from speaking.

DEVELOPING | World leaders call on Iran and Israel to avoid allowing conflict to worsen

World leaders called on Iran and Israel to try to avoid escalating tensions following the apparent Israeli airstrike on Friday near an Iranian air base and nuclear facility.

UN warns 800,000 people in Sudan city in 'extreme, immediate danger'

Some 800,000 people in a Sudanese city are in 'extreme and immediate danger' as worsening violence advances and threatens to "unleash bloody intercommunal strife throughout Darfur," top UN officials warned the Security Council on Friday.

Opening statements set for Monday in Trump's hush money case after judge rejects latest bid to delay

A full jury of 12 people and six alternates was seated Friday in Donald Trump’s hush money case, setting the stage for opening statements next week in the first criminal trial of a former U.S. president.

Israel, Iran play down apparent Israeli strike. The muted responses could calm tensions -- for now

Israel and Iran on Friday both played down an apparent Israeli airstrike near a major air base and nuclear site in central Iran, signalling the two bitter enemies are ready to prevent their latest eruption of violence from escalating into a full-blown regional war.

Bank of Canada governor Tiff Macklem says Canada's fiscal position has 'not changed significantly' following the release of the federal government's budget.

Canada's premiers are warning the federal government not to overreach into their jurisdictions when it comes to delivering the programs laid out in Ottawa's latest budget.

Canada called for 'all parties' to de-escalate rising tensions in the Mideast following an apparent Israeli drone attack against Iran overnight.

Dengue cases top 5.2 million in the Americas as outbreak passes yearly record, PAHO says

Dengue cases are surging in the Americas, with cases reported topping 5.2 million as of this week, surpassing a yearly record set in 2023, according to the Pan American Health Organization (PAHO).

WHO likely to issue wider alert on contaminated cough syrup

The World Health Organization is likely to issue a wider warning about contaminated Johnson and Johnson-made children's cough syrup found in Nigeria last week, it said in an email.

Olympic organizers unveil strategy for using artificial intelligence in sports

Olympic organizers unveiled their strategy Friday to use artificial intelligence in sports, joining the global rush to capitalize on the rapidly advancing technology.

This ancient snake in India might have been longer than a school bus and weighed a tonne

An ancient giant snake in India might have been longer than a school bus and weighed a tonne, researchers reported Thursday.

When new leaders took over in ancient Maya, they didn't just bury the former royals. They burned their bodies in public

New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.

Entertainment

Not a toddler, not a parent, but still love 'Bluey'? You're not alone

She's the title character of 'Bluey,' a kids' program consisting of seven-minute episodes that have enraptured children and adults alike. This week's release of its longest episode yet — at a whopping 28 minutes — prompted an outpouring of appreciation for the show, even from those who are neither toddler nor parent.

Nick Offerman once spent a night high in jail after being mistaken for a robber

During a guest appearance on 'Jimmy Kimmel Live,' Nick Offerman told a story from years ago he said his parents didn't know: he once spent a night in jail.

Taylor Swift drops 15 new songs on double album, 'The Tortured Poets Department: The Anthology'

On Friday, the pop star released her 11th album and at 2 a.m. Eastern, she released "The Tortured Poets Department: The Anthology," featuring 15 additional songs.

Lululemon to shutter Washington distribution centre, lay off 128 employees

Lululemon Athletica will close its distribution centre in the state of Washington at the end of the year and lay off more than 100 employees, the apparel retailer told Reuters on Friday.

Netflix slides as move to end sharing user count sparks growth worries

Netflix shares fell on Friday, as its surprise move to stop sharing subscriber additions and average revenue per member from 2025 sowed doubts in investor minds about growth peaking in some markets for the streaming pioneer.

The Body Shop Canada explores sale as demand outpaces inventory: court filing

The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.

'Jonny is special': Moncton music community rallies around drummer

A GoFundMe campaign for a Moncton drummer has raised around $49,500 in just a few weeks.

After hearing thousands of last words, this hospital chaplain has advice for the living

Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.

How 4/20 grew from humble roots to marijuana's high holiday

Saturday marks marijuana culture’s high holiday, 4/20, when college students gather — at 4:20 p.m. — in clouds of smoke on campus quads and pot shops in legal-weed states thank their customers with discounts.

U.S. FAA launches investigation into unauthorized personnel in cockpit of Colorado Rockies flight to Toronto

The U.S.’s Federal Aviation Administration is investigating a video that appears to show unauthorized personnel in the cockpit of a charted Colorado Rockies flight to Toronto.

Streaking Jets prepare for playoff clash with star-studded Avalanche

The Winnipeg Jets will face the Colorado Avalanche for the first time ever in the Stanley Cup Playoffs

Legendary Formula 1 driver Michael Schumacher's watch collection is going on sale

Eight of Formula One legend Michael Schumacher's luxury and personalized watches are going up for auction – and they could sell for more than US$4.8 million in total.

Tesla recalling nearly 4,000 Cybertrucks because accelerator pedal can get stuck

Tesla is recalling 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.

London, Ont. driver charged after travelling nearly 200 km/h on Highway 401

A driver from London will have to find alternative transportation after an OPP officer clocked them travelling nearly 200 km/h on Highway 401 over the weekend.

Local Spotlight

UBC football star turning heads in lead up to NFL draft

At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.

Cat found at Pearson airport 3 days after going missing

Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.

Molly on a mission: N.S. student collecting books about women in sport for school library

Molly Knight, a grade four student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.

Where did the gold go? Crime expert weighs in on unfolding Pearson airport heist investigation

Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.

Marmot in the city: New resident of North Vancouver's Lower Lonsdale a 'rock star rodent'

When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.

Relocated seal returns to Greater Victoria after 'astonishing' 204-kilometre trek

A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.

Ottawa barber shop steps away from Parliament Hill marks 100 years in business

Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.

'It was a special game': Edmonton pinball player celebrates high score and shout out from game designer

A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.

'How much time do we have?': 'Contamination' in Prairie groundwater identified

A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.

B.C. Humanist Association threatens to sue Vancouver Island city over council prayer

The B.C. Humanist Association has announced plans to sue a Vancouver Island city for breaching religious neutrality by including a Christian prayer in council.

Ontario early childhood educators still waiting for promised 2024 wage increases

Ontario Registered Early Childhood Educators (RECEs) are still waiting for their promised 2024 wage increases and advocates say the delay is causing stress for workers.

WATCH | Video shows dramatic police takedown of carjacking suspects chased through parking lot north of Toronto

Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.

From 'barely surviving, to living': Calgary family champions local mental health supports

It seemed like their world was crashing in when free mental health services changed the lives of a Calgary family and now they are trying to help others get the same support.

B-Boy and B-Girls descend on Calgary for Red Bull BC One qualifying event

A pair of Calgary dancers are among the B-Boys and B-Girls in town to compete in a Red Bull BC one qualifying event Saturday night.

Calgary man accused in toddler death released on bail

Winston Campbell granted bail at first court appearance

Tenants fighting proposed redevelopment in Centretown

As the City of Ottawa faces a housing shortage, there is controversy brewing in Centretown over a proposed redevelopment that many tenants say could leave them homeless.

Tropical fish stolen from Beachburg, Ont. restaurant found and returned

Ontario Provincial Police have landed a suspect following a fishy theft in Beachburg, Ont.

Will parking remain free in Wellington West and Westboro? City studying parking options

Time could soon run out on free on-street parking in Ottawa's Westboro, Wellington West and Hintonburg neighbourhoods.

Woman stabbed at motel in Montreal's west end

A 39-year-old woman was sent to hospital with serious injuries after police say she was stabbed inside a motel room in Montreal's west end Friday morning.

Iconic ninth floor Eaton Centre restaurant set to reopen in May

There was once a beautiful restaurant on the ninth floor of the former Eaton's department store. It closed 25 years ago, but many in Montreal still talk about it. Soon, Le 9ieme will open to diners once again.

Spit, punches and bites: School support staff detail rising violence from students

A former educational assistant is calling attention to the rising violence in Alberta's classrooms.

Grande Prairie swears in new police chief as questions swirl over need for an Alberta force

The city's transition to governing its own police force comes as Alberta's public safety minister cites concerns with the province's policing contract with the RCMP, which expires in 2032.

'My family’s life was shattered': Daughter of Edmonton couple killed by impaired driver speaks at sentencing

Family and friends of an Edmonton couple killed in an impaired driving crash packed into a courtroom for the sentencing hearing Friday.

Nova Scotia justice minister resigns following domestic violence comments

Nova Scotia Justice Minister Brad Johns has resigned, according to a short statement from Premier Tim Houston on Friday evening.

Lyrid meteor shower nears peak; viewing opportunities in the Maritimes

CTV Atlantic meteorologist Kalin Mitchell says a large part of the Maritimes should have ideal viewing conditions for the Lyrid meteor shower Sunday overnight into Monday morning.

N.B. Environment Minister Gary Crossman resigns, says political beliefs 'no longer align' with Higgs’ government

Gary Crossman, New Brunswick’s minister of environment and climate change, has resigned from Blaine Higgs’ Progressive Conservative cabinet effective immediately.

'Like part of the family': St. Boniface burger staple back after closing down last year

Mrs. Mikes shut down last year after a half-century of serving the community. Now its doors have reopened and Winnipeggers were lined up to get their fill, even as snow fell on them.

Winnipeg airport's longest runway is getting a facelift

The Winnipeg Airports Authority is doing an extensive repaving project to its largest runway.

NDP leader likens Wilmot farmland grab to Greenbelt scandal

A controversial land acquisition proposed in Wilmot Township is once again in the spotlight, as Ontario NDP leader Marit Stiles hosts a town hall in the community, calling the deal “eerily similar” to the Greenbelt scandal.

'I'm still shaking': Emotional victim impact statements shared after impaired double-fatal crash in Cambridge

It was an emotional day in court as close to a dozen people read victim impact statements to the man charged with impaired driving in a double-fatal Cambridge crash.

Kitchener golfer recognized as creator of Masters skip-shot tradition

A Canadian Hall of Fame golfer from Kitchener is finally getting recognition for starting the skip-shot tradition at The Masters.

‘My family are all broken-hearted’: Grandfather of homicide victim speaks out

Saskatoon is grappling with the tragic death of 24-year-old Melissa Duquette, whose body was discovered on April 15. A day later, authorities confirmed her death as a homicide, sparking deep sorrow and calls for action within the community.

Saskatoon judge to make ruling on evidence in fatal THC-impaired driving case

A Saskatoon Provincial Court judge will determine whether testimony from a woman, charged with impaired driving causing the death of a child, will be used as evidence in her trial.

Northern Ontario

Vicious attack on a dog ends with charges for northern Ont. suspect

Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.

Flood warning issued for Lake Nipissing shoreline in North Bay

A flood warning was issued Friday for the Lake Nipissing shoreline in North Bay, Callander and the Parks Creek watershed.

No more train trauma for Adelaide Street commuters

‘Onto Adelaide and just zip down’: Cars no longer have to deal with trains on Adelaide Street North, near Central Avenue.

Witness insists they are telling the truth at sexual abuse trial

A witness at the sexual assault trial involving parents is adamant the children involved in the trial are all telling the truth about what they had to endure during their upbringing.

City councillor says encampment response falls short and comes too late

A city councillor said she’s concerned the city is encouraging homeless encampments rather than finding more permanent solutions.

Driver charged after Highway 400 crash sends woman and child to hospital

One person has been charged following a collision on Highway 400 in Barrie Friday morning that sent a vehicle rolling into a ditch.

Barrie pharmacy launches 1st provincial pharmacist care walk-in clinic

The first provincial pharmacist care walk-in clinic has opened at the Rexall in the north end of Barrie to provide more immediate care for minor illnesses and chronic care in a more private setting.

Break-in leaves Barrie home with considerable water damage

Police are hoping to identify the person(s) who allegedly broke into a Barrie home and caused extensive water damage.

'My family’s suffering still hasn’t ended': Faint hope hearing evidence concludes with victim impact statements

A Windsor man convicted in a violent murder 20 years ago awaits ruling on bid for early parole.

Body recovered from Detroit River

An investigation is underway after a body was pulled from the Detroit River.

One driver charged, one sought after crash at apparent 'unsanctioned' rally

Windsor police have charged a 21-year-old man with stunt driving following a collision at a commercial property.

Vancouver Island

After breaking world records and training movie stars, B.C. free diver becomes police dispatcher

For as long as Mandy-Rae Krack can recall, the water has inspired wonder.

Stolen snake named Milkshake returned to Kelowna pet store

A banana ball python that was stolen from a Kelowna pet store on Saturday has been returned unharmed, Mounties said.

Nurses rally at B.C. Interior hospital over security, staffing concerns

Nurses held a rally Wednesday at a hospital in the B.C. Interior that closed its emergency department more than a dozen times last year due to insufficient staff.

B.C. to add 240 complex-care housing units throughout province

British Columbia is planning to add 240 new units to its complex-care housing program, providing homes for people with mental-health and addictions challenges that overlap with other serious conditions.

Lethbridge cutting back on water use as part of provincial water sharing agreement

The province has announced the largest water sharing agreement in Alberta’s history, which will see Lethbridge and Medicine Hat, among other municipalities, cut water use.

Medicine Hat woman charged after $60K stolen from Redcliff Legion

Mounties say a 32-year-old Medicine Hat woman has been charged in connection with the theft of $60,000 from the Redcliff Legion.

Deterrent sentence possible, expert says, after trio convicted in connection to Coutts border blockade

Three men who helped lead and co-ordinate the 2022 border blockade at Coutts, Alta., have been found guilty of public mischief.

Sault Ste. Marie

Phoenix Rising looking for community partners

A Sault Ste. Marie-based support group for women is hoping to work with other groups to provide more inclusive services.

Sault College president sues Conestoga counterpart, seeks formal apology for vulgar attack

The war of words between the presidents of Sault College and Conestoga College has escalated into a legal battle.

Sault police ticket driver travelling nearly double the speed limit

A 43-year-old has been charged in Sault Ste. Marie after police recorded a vehicle being driven at 113 km/h, nearly double the posted speed limit.

N.L. gardening store revives 19th century seed-packing machine

Technology from the 19th century has been brought out of retirement at a Newfoundland gardening store, as staff look for all the help they can get to fill orders during a busy season.

500 Newfoundlanders wound up on the same cruise and it turned into a rocking kitchen party

A Celebrity Apex cruise to the Caribbean this month turned into a rocking Newfoundland kitchen party when hundreds of people from Canada's easternmost province happened to be booked on the same ship.

Protest averted as Newfoundland and Labrador premier helps reach pricing deal on crab

A pricing agreement has been reached between crab fishers and seafood processors that will allow for Newfoundland and Labrador's annual crab fishery to get started.

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