Here are the highlights of Canada’s 2022-2023 budget, titled Plan to grow our economy and make life more affordable, filed by Finance Minister Chrystia Freeland on Thursday in the House of Commons in Ottawa. This is the first budget since the re -election of the Trudeau government.
- Improvement in the budget situation of $ 15.6 billion over the past year
- The budget deficit at $ 52.8 billion this year, including new spending of $ 7.4 billion, and federal debt as part of GDP dropped from 46.5 to 45.1 percent from 2021-22
- $ 5.3 billion over five years to provide free dental care to Canadian households earning less than $ 90,000 per year
- Creating a tax-free savings account of a maximum of $ 40,000 for the purchase of a first property, and contributions are tax-deductible and withdrawals are tax-free
- A one-time payment of $ 500 to support those having difficulty finding affordable housing
- $ 4 billion over five years to build 100,000 new residential units
- Foreign investors have been banned from buying properties in Canada for two years
- Compulsory tax on urgent resale of assets for 12 months
- Five-year extension of the federal incentive program for the purchase of zero-emission vehicles, and expanded eligibility for vans, trucks, SUVs and heavy-duty vehicles
- The tax credit increased from 37.5% to 60% for carbon extraction and storage
- Increase in the tax rate from 15% to 16.5% on banks and insurance companies
- $ 7.2 billion over five years to strengthen National Defense
- $ 500 million as additional assistance to Russia-invaded Ukraine and having loans up to $ 1 billion
- $ 11 billion over six years to help indigenous communities, including $ 4.7 billion for child health and protection
Source: Radio-Canada