Budget 2022: Minister Gould highlights clean air and a strong economy investments
Tuesday, 12 April 2022 08:00.AM
Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada makes targeted and responsible investments to create good jobs, grow our economy, and build a Canada where nobody gets left behind. Today, Minister of Families, Children and Social Development Karina Gould participated in a roundtable with stakeholders to discuss investments for making the switch to zero-emission vehicles more affordable and building a national network of electric vehicle charging stations.
The first pillar of the budget is investing in Canadians and making life more affordable. Budget 2022 housing measures will put Canada on the path to double housing construction over the next decade; help Canadians save for and buy their first home; ban foreign investment in Canadian housing; and curb unfair practices that make housing more expensive for Canadians. Budget 2022 also invests in ensuring Canadian workers have the skills they need for the good-paying jobs of today and tomorrow, and will make it easier for the skilled immigrants that our economy needs to make Canada their home. The Budget makes further significant investments in affordable child care, in our public health care system, and in advancing reconciliation with Indigenous peoples.
Second, Budget 2022 invests in economic growth and innovation—the key to Canada's long-term prosperity. This includes launching the new, world-leading Canada Growth Fund, which will attract tens of billions of dollars in private investment in Canadian industries and Canadian jobs, and a new innovation and investment agency that will help drive productivity and growth across our economy. The Budget also proposes to implement Canada's first Critical Minerals Strategy—one that will create thousands of good jobs and capitalize on a growing need for the minerals used in everything from phones to electric cars. Measures also include steps to build more resilient supply chains, and to cut taxes for Canada's growing small businesses.
The third pillar of Budget 2022 is investing in a clean economy. To help Canadians and Canadian businesses benefit from the global transition to a clean economy, Budget 2022 includes new incentives for the development of clean technologies and carbon capture, utilization and storage. In addition to further investments to protect our land, lakes and oceans, the Government will also make it more affordable for Canadians to purchase zero-emission vehicles, build and expand a national network of zero-emission vehicle charging stations, and make new investments in clean energy.
Canada entered the pandemic with the lowest net debt-to-GDP ratio of all G7 countries—an advantage that has since increased relative to other countries. Canada has seen the best jobs recovery in the G7, and as of March 2022, has recovered 115% of the jobs lost at the height of the pandemic, with an unemployment rate that sits at just 5.3%—the lowest rate on record since 1976. With Budget 2022, Canada will maintain this leading position, and maintain its fiscally responsible approach to economic growth and to building an economy that works for everyone. Crucially, it upholds the Government's fiscal anchor—a declining debt-to-GDP ratio and the unwinding of deficits related to COVID-19, which will ensure that Canada's finances remain sustainable in the long-term.
"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."
– Deputy Prime Minister and Minister of Finance, Chrystia Freeland
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 the new Housing Accelerator Fund, which 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; and
• introducing the Multigenerational Home Renovation Tax Credit, which will provide up to $7,500 in support for constructing a secondary suite or apartment.
Measures in Budget 2022 to fight climate change include:
• more than $3 billion in funding to make zero-emission vehicles more affordable and build a national network of charging stations;
• significant new investments to protect our land, lakes, and oceans; and
• the creation of the Canada Growth Fund to help attract tens of billions of dollars in private capital toward building a net-zero economy by 2050.
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 those under the age of 12 in 2022, expanding to people under the age of 18, seniors and persons with disabilities 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, 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.
SOURCE: Employment and Social Development Canada
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