Government of Canada introduces legislation focused on a strong middle class, affordable economy, and healthy future
April 20, 2023 - Ottawa, Ontario - Department of Finance Canada
Today, the Government of Canada introduced Bill C-47, the Budget Implementation Act. This central piece of legislation proposes to implement many of the government’s key commitments in Budget 2023.
In Bill C-47, the government is continuing to help make life more affordable for Canadians. The Bill includes a suite of measures to help make life more affordable for Canadians by: advancing the new Canadian Dental Care Plan, cracking down on predatory lending and house flipping, providing more support for students, strengthening the Canada Workers Benefit, and doubling the tradespeople’s tool deduction.
- Supporting the implementation of the new Canadian Dental Care Plan, which will provide dental coverage for up to nine million Canadians once fully implemented by 2025. In 2023, coverage will start with uninsured Canadians under 18, persons with disabilities, and seniors who have an annual family income of less than $90,000. There will be no co-pays for those with an annual family income under $70,000.
- Cracking down on predatory lending by lowering the criminal rate of interest from the equivalent of 47 per cent annual percentage rate (APR) to 35 per cent, and imposing a cap on payday loans.
- Cracking down on house flipping by taxing assignment sales, to ensure homes are used for Canadian families to live in, not as a speculative financial asset class.
- Increasing certain Registered Education Savings Plan withdrawal limits from $5,000 to $8,000 for full-time students, and from $2,500 to $4,000 for part-time students, to help students cover the cost of pursuing their dreams.
- Delivering automatic advance payments of the Canada Workers Benefit, starting in July 2023, which will provide up to $714 total for single workers, and $1,231 total for a family, split between three advance payments.
- Doubling the tradespeople’s tool deduction from a maximum of $500 to $1,000, to help tradespeople to invest in the equipment they need to build Canada’s clean economy.
Bill C-47 also takes action to:
- Protect air passengers’ rights by strengthening the Canadian Transportation Agency, make airlines more accountable for delays, cancellations, and lost baggage, and ensure that passengers are fairly compensated when their travel is disrupted.
- Modernize Canada’s financial sector oversight regime to reinforce Canadians’ confidence that federally regulated financial institutions and their owners act with integrity, and that Canada’s financial institutions are protected, including from threats of foreign interference.
In addition to the measures introduced today in Bill C-47, on April 19, 2023, the House of Commons unanimously approved two key Budget 2023 measures to make life more affordable and strengthen public health care for Canadians:
- The new one-time Grocery Rebate, which will deliver targeted inflation relief to 11 million Canadians and families who need it most, with up to an extra $467 for eligible couples with two children; up to an extra $234 for single Canadians without children; and an extra $225 for seniors, on average.
- An immediate $2 billion Canada Health Transfer top-up to all provinces and territories to address immediate pressures on the health care system, especially in pediatric hospitals and emergency rooms, and to reduce wait times for surgeries.
“In Budget 2023, our government is delivering new, targeted inflation relief for Canadians who need it most; stronger public health care, including dental care for millions of Canadians; and significant investments to build Canada’s clean economy. Bill C-47 will advance key budget priorities to help make life more affordable and ensure a thriving middle class is at the centre of Canada’s economy. And, I am so pleased that our government’s Grocery Rebate and $2 billion CHT top-up received unanimous approval by the House of Commons yesterday, so we can keep delivering for Canadians. At a challenging time in a challenging world, there is no better place to be than Canada.”
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
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Office of the Deputy Prime Minister and Minister of Finance
Department of Finance Canada
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