Highlights of the 2022 Federal Budget
On April 7, our government tabled the 2022 Federal Budget. This budget will help make life more affordable, create jobs and prosperity today, and build a stronger economic future for all Canadians. I encourage everyone to take a look at the budget highlights below or find a complete list of investments by visiting: budget.gc.ca/2022
Everyone should have a safe and affordable place to call home. But that goal – one that was taken as a given by previous generations – is increasingly out of reach for far too many Canadians. To make affordable housing a reality, our government will double its construction of new housing over the next decade and clamp down on property flipping and foreign investments driving up the price of homes.
Budget 2022 proposes $4 billion to create 100,000 new housing units over five years and $1.5 billion to rapidly create 6,000 new affordable housing units over two years. The budget will also tax the profits of flipped property, impose a two-year ban on foreign investment in housing, help Canadians purchase their first home through a Tax-Free First Home Savings Account, and double the First-Time Home Buyers’ Tax Credit.
Health and Dental Care
More than ever, we need to strengthen our health care system to ensure it delivers the care Canadians deserve. Our budget will invest in a dental care program for families with an annual income of less than $90,000, beginning with 12-year-olds in 2022 and expanding to under 18-year-olds, seniors and persons with disabilities with full implementation by 2025.
Budget 2022 will raise the maximum amount of forgivable Canada Student Loans for doctors and nurses by 50 percent; annually help 11,000 internationally trained health professionals find work; and add $140 million to Wellness Together Canada – a portal connecting Canadians with free sessions with social workers, psychologists and other professionals.
Job Creation and Small Businesses
With the wounds of the pandemic still felt by workers and businesses and the global economy strained, Budget 2022 will invest in industries creating good, middle-class jobs while making it easier for businesses, big and small, to thrive. To support skilled trades workers, we plan to provide 3,500 apprentices from underrepresented groups annually with mentorship, career services and job-matching while providing tax deductions of up to $4,000 per year for job travel and temporary relocation expenses for eligible workers. The budget will also cut taxes on growing small businesses, reduce credit card transaction fees, and invest $272.6 million over five years to implement an employment strategy for persons with disabilities.
Clean Energy and Protecting our Environment
With the realities of climate change, there has never been a more critical time to invest in a clean economy and create the jobs of today and tomorrow. Our budget will extend purchase rebates of up to $5,000 for zero-emissions vehicles, support the production of Canadian-made electric vehicles and batteries, and start a $15 billion Canada Growth Fund to attract private investment for low-carbon industry, diversifying the economy, researching technologies, and creating jobs.
Canada’s nature is central to our national identity. Budget 2022 will invest $2 billion over nine years to expand the Oceans Protection Plan, $183.1 million over five years to reduce plastic waste, and $2 million over two years to Parks Canada to construct new trails for the Rouge National Urban Park.
Connect With Us
If you would like more information on the 2022 Federal Budget or help with any federal matter, please contact my team at Gary.Anand@parl.gc.ca or 416-283-1414.