The Trudeau government is showing caution in this budget, which does not prevent it from introducing measures that have a concrete impact on the lives of Canadians. From housing, to electric vehicles and feminine hygiene products, The newspaper presents 10 key measures of the Freeland budget.
• Read also: Federal budget 2022: deficits, but less spendthrift
• Read also: Federal budget 2022: Ottawa wants to accelerate its infrastructure investments
• Read also: Federal budget 2022: Private investments: new $15 billion fund and creation of an agency
Ottawa offers a package of measures to facilitate access to home ownership and affordable housing.
First, the Trudeau government is creating a new $4 billion fund to build 100,000 new homes over five years.
It also establishes a new tax-free savings account (TFSA) which makes it possible to avoid paying tax on income and savings when buying a first property.
In an attempt to limit real estate speculation, Ottawa is cracking down on flips.
Barring exceptions, whoever sells a property following the 12 months of its purchase will have to pay tax on all capital gains, that is to say on its profit.
Ottawa is also providing a new one-time payment of $500 to those who have difficulty finding affordable housing. The conditions remain to be established.
The budget provides $5.3 billion in funding over five years to provide dental care. The program will initially be restricted to children under 12, before being extended to all families with a combined income of less than $90,000 per year.
This investment was a condition of the New Democratic Party supporting the Trudeau government until the next general election.
Ottawa takes on vice. As of October 1, it imposes an additional tax on vaping products of approximately $1 per 2 ml, depending on the format. For a standard 30ml bottle, that equates to a $7 tax on a product that costs around $20.
Conversely, beer with 0.5% alcohol content will no longer be subject to the excise tax as of July, as was already the case for non-alcoholic wines.
Listen to Mario Dumont’s interview with Luc Godbout on QUB Radio:
To reduce greenhouse gas emissions on the road, which represents approximately 20% of GHGs in Canada, Ottawa is planning a few measures to make the adoption of zero-emission vehicles (ZEVs) more affordable.
Budget 2022 includes a major investment of $1.7 billion over five years to extend the Incentives for the Purchase of Zero Emission Vehicles (iZEV) program until March 2025.
New vehicle models, such as vans, trucks or sport utility vehicles (SUVs), will be eligible.
In addition, under the Infrastructure Program for Zero-Emission Vehicles (PIVEZ), $400 million has been released to establish a national network of charging stations for electric vehicles, particularly in more remote regions.
In solidarity with the Ukrainian people, Canada announces a new $1 billion loan to Ukraine “so that the government can continue to function”.
He also proposes to pay $500 million for “additional military aid”.
In its 2022 budget, the Trudeau government wants to work with Canada’s provinces and territories to advance the national action plan to end gender-based violence.
An investment of $539.3 million over five years will provide more services and support to victims.
Ottawa is investing $25 million over two years in a pilot project that will identify measures to make feminine hygiene products more accessible.
The aim is also to raise awareness and fight against the stigma faced by women, young girls, transgender people and non-binary people.
The Trudeau government wants banks and life insurance companies to participate more in the economic recovery, given that they have reaped significant profits during the pandemic.
Ottawa is creating a one-time tax of 15% targeting these companies on their 2021 revenues over $1 billion.
It also raises the tax rate on income over $100 million from 15% to 16.5% permanently. Ottawa hopes to collect $6.1 billion over five years.
In its 2022 budget, the government is giving itself the means to achieve its ambitions with an investment of $2.1 billion, with an additional $317.6 million thereafter.
This amount will allow the processing of applications and the resettlement of new permanent residents to continue.
Also, to facilitate the arrival of visitors, students and workers in Canada, Ottawa is also injecting $385.6 million over five years, then $86.5 million thereafter.
Canada is also setting itself the goal of welcoming 451,000 immigrants annually by 2024, while the system has already been congested in the past.
More than two years after the start of the COVID-19 pandemic, the disease is still affecting the population and health systems.
In order to help research on the long-term impact of COVID-19, the Canadian health research institutes will be able to count on $20 million in funding over five years from the Trudeau government.
This research will also help to better understand the impact of the disease on health care and health systems in the country.