BRAMPTON, ON, April 13, 2022 /CNW/ - Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada will make targeted and responsible investments to create good jobs, grow our economy, and build a Canada where nobody is left behind.
Today, the President of the Treasury Board, the Honourable Mona Fortier, was in Brampton with Ruby Sahota, Member of Parliament for Brampton-North, Sonia Sidhu, Member of Parliament for Brampton South and Shafqat Ali, Member of Parliament for Brampton Centre, to highlight affordable housing investments at the Brampton Bramalea Christian Fellowship Residences. This 6-storey building provides 89 affordable rental accommodations to families. The project was funded in part by the National Housing Co-Investment Fund, which contributed $13.75 million in federal government financing.
Budget 2022 features new and important measures that support access to affordable housing for Canadians. These measures will help homebuyers save for and buy their first home, double housing construction over the next decade, ban foreign investment in Canadian housing, and curb unfair practices that make housing more expensive for Canadians.
A major barrier for many looking to own a home is the cost of a down payment, especially as home prices continue to climb. Budget 2022 proposes to introduce the Tax-Free First Home Savings Account that would give prospective first-time home buyers the ability to save up to $40,000. Like an RRSP, contributions would be tax-deductible, and withdrawals to purchase a first home—including investment income—would be non-taxable, like a TFSA. Tax-free in, tax-free out.
Ensuring that more affordable housing can be built quickly, Budget 2022 proposes to provide over $1.5 billion over two years, starting in 2022-23, to extend the Rapid Housing Initiative. This new funding is expected to create at least 6,000 new affordable housing units. These proposed programs are part of a suite of initiatives to support Canadians in having a safe and affordable place to call home.
Other Budget 2022 affordable housing measures include:
- protection for buyers and renters
- funding to fight homelessness and support housing affordability particularly for the most vulnerable
- investments in housing of Indigenous Peoples
"Budget 2022 is about growing our economy, creating good jobs, and building a Canada where nobody gets left behind. Our plan is responsible and considered, and it is going to mean more homes and good-paying jobs for Canadians; cleaner air and cleaner water for our children; and a stronger and more resilient economy for years to come."
–The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
"Everyone should have a safe and affordable place to call home. But that goal is increasingly out of reach for far too many Canadians and newcomers to the country. That is why housing is a key pillar of Budget 2022 and we are taking significant steps to make homes affordable for Canadians from coast to coast to coast."
–The Honourable Mona Fortier, President of the Treasury Board
- Measures in Budget 2022 to make housing more affordable include:
- putting Canada on the path to doubling the construction of new homes in the next decade
- helping Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers' Tax Credit
- launching a new Housing Accelerator Fund that will target the creation of 100,000 net new housing units in the next five years
- developing a Home Buyers' Bill of Rights and bringing forward a national plan to end blind bidding
- banning foreign buyers from owning non-recreational residential property for two years
- adding a Multigenerational Home Renovation Tax Credit that will provide up to $7,500 in support for constructing a secondary suite or apartment
- Further significant measures in Budget 2022 include:
- $5.3 billion over five years to provide dental care for Canadians with family incomes of less than $90,000 annually, starting with 12-year-olds and under in 2022, and expanding to 18-year-olds, seniors, and persons living with a disability in 2023, and with full implementation by 2025—the program would be restricted to families with an income of less than $90,000 annually, with no co-pays for those under $70,000 annually in income
- up to $3.8 billion to implement Canada's first Critical Minerals Strategy
- $11 billion in additional funding to continue to support Indigenous children and their families, and help Indigenous communities continue to grow and shape their futures
- more than $8 billion in new funding to better equip the Canadian Armed Forces, strengthen Canada's contributions to our core alliances like NATO and NORAD, and reinforce Canada's cyber security
- further support for Ukraine and its people in the face of Russia's illegal invasion, including up to $1 billion in new loan resources to the Ukrainian government through a new Administered Account for Ukraine at the International Monetary Fund (IMF), and an additional $500 million in military aid
- a temporary Canada Recovery Dividend, representing a one-time 15% tax on the 2021 taxable income above $1 billion of Canada's largest banking and life insurers' groups, to help support Canada's broader recovery
- a permanent 1.5 percentage point increase in the corporate income tax rate of banking and life insurance groups on taxable income above $100 million
- Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable
- Budget 2022: Address by the Deputy Prime Minister and Minister of Finance
- Making Housing More Affordable
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SOURCE Treasury Board of Canada Secretariat
Contacts (media): Isabella Brisson, Acting Director of Communications and Press Secretary, Office of the President of the Treasury Board, 579-337-5723; Media Relations, Treasury Board of Canada Secretariat, Telephone: 613-369-9400, Toll-free: 1-855-TBS-9-SCT (1-855-827-9728), Teletypewriter (TTY): 613-369-9371, Email: [email protected]
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