CALGARY, Alta., April 19, 2022 /CNW/ – By 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 no one is left behind.
Today the Minister of Transport, the Honorable Omar Alghabraannounced investments in Budget 2022 that will help reduce the cost of living for seniors and all Canadians, including:
- Provide $68.2 billion in support through the Old Age Security (OAS) program for seniors in 2022-2023, increasing to $87.2 billion in 2026-27.
- Creation of a panel of experts to study the idea of an Aging at home service.
- Provide $5.3 billion over five years for dental care for Canadians;
- Double the limit on eligible expenses for the home accessibility tax credit to $20,000 for the 2022 and subsequent tax years.
- The introduction of a tax credit for the renovation of a multi-generational home, which offers up to $7,500 in support of the construction of a secondary suite;
- $20 million over two years for an expanded New Horizons for Seniors program to support more projects that improve the quality of life of seniors and help them continue to participate fully in their communities; and
- $475 million in 2022-2023 to offer a $500 payment to those, including seniors, facing housing affordability issues.
Since 2015, the government has made real improvements to make life more affordable for seniors, including:
- A 10% increase in the maximum GIS benefit for single seniors;
- Cancel the announced increase in the age of eligibility for OAS and GIS from 67 to 65;
- Starting next July, a 10% increase in the OAS pension for people aged 75 and over, which will provide additional benefits of more than $766 full pensioners for the first year; and
- Provide $6 billion over ten years to provinces and territories for the delivery of home care services.
“Budget 2022 is about growing our economy, creating good jobs and building a Canada where no one is left behind. Our plan is responsible and thoughtful, and it will mean more homes and better-paying jobs for Canadians; cleaner air and cleaner water for our children; and a stronger, more resilient economy for years to come.”
The Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Canadian seniors can rest assured that they have access to support when they need it most. The investments announced in Budget 2022 will continue to support seniors and make life more affordable for Canadians.
The Honorable Omar Alghabra, Minister of Transport
- Budget 2022 measures to make housing more affordable include:
- Putting Canada on track to double new housing construction over the next decade;
- Helping Canadians buy their first home, including introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers’ Tax Credit;
- Launch a new housing acceleration fund that will target the creation of 100,000 net new homes over the next five years;
- Developed a homebuyer’s bill of rights and presented a national plan to end blind auctions;
- Ban foreign buyers from owning non-recreational residential property for two years; and
- A multi-generational home renovation tax credit that will provide up to $7,500 in support of the construction of a secondary suite or apartment.
- Budget 2022 measures to address climate change include:
- More … than $3 billion in funding to make zero-emission vehicles more affordable and build a nationwide network of charging stations;
- Significant new investments to protect our lands, lakes and oceans; and
- The creation of the Canada Growth Fund to help attract tens of billions of dollars of private capital to build a net zero economy by 2050.
- Other important measures in Budget 2022 include:
- $5.3 billion over five years to provide dental care to Canadians whose family income is less than $90,000 annually, starting with under-12s in 2022, expanding to under-18s, older adults and people with disabilities in 2023, and with full implementation by 2025. The program would be limited to families whose income is less than $90,000 annually, without co-payment for those under $70,000 annually in income;
- Until $3.8 billion to implement from Canada first critical minerals strategy;
- $11 billion additional funding to continue to support Indigenous children and their families and help Indigenous communities continue to grow and shape their future;
- More … than $8 billion new funds to better equip the Canadian Armed Forces, strengthen from Canada contributions to our core alliances like NATO and NORAD, and to strengthen from Canada cyber security;
- Additional support for Ukraine and its people against Russia unlawful invasion, including up to $1 billion new lending resources to the Ukrainian government through a new administered account for Ukraine to the International Monetary Fund (IMF) and another $500 million in military aid;
- A temporary Canada Recovery Dividend, representing a one-time tax of 15% on 2021 taxable income above $1 billion of from Canada large banking and life insurance groups, to help support from Canada wider recovery; and
- A permanent 1.5 percentage point increase in the corporate tax rate of banking and life insurance groups on taxable income above $100 million.
SOURCE Transport Canada
For further information: Media may contact: Laurel Lennox, Press Secretary Office of the Honorable Omar Alghabra Minister of Transportation, Ottawa [email protected]; Media Relations, Transport Canada, Ottawa, [email protected]613-993-0055