Minister Fortier highlights Budget 2022 investments in affordability
April 19, 2022 - Milton, Ontario
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 is left behind.
Today, the President of the Treasury Board, the Honourable Mona Fortier, is in Milton with Adam van Koeverden, Member of Parliament for Milton, to meet with local stakeholders to discuss investments and measures in Budget 2022 to make life more affordable and support businesses. The Minister will spend time with Scott McCammon, President & CEO of the Milton Chamber of Commerce, the Downtown Milton BIA, at a local bakery and visit local business Lumberville to meet workers.
In these meetings, President, Mona Fortier, also will highlight the government’s efforts to benefit the people of Milton and make housing 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.
During her tour, the President is focused on measures to boost Canada’s long-term growth and create well-paying jobs. Budget 2022 invests in ensuring Canadian workers have the skills they need for the well-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 childcare, in dental care, in our public health care system, and in advancing reconciliation with Indigenous peoples. Budget 2022 also facilitates the transition to a low-carbon economy by encouraging private sector investments and targeting major sources of emissions.
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 per cent of the jobs lost at the height of the pandemic, with an unemployment rate that sits at just 5.3 per cent—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 COVID-19-related deficits, 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.”
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“The investments outlined in Budget 2022 recognize that Canadians are the backbone of a strong and growing economy. We are putting forward important measures to facilitate access to housing, to ensure our businesses have the tools they need to thrive, to address the labour shortage, and to transition to a greener, more resilient economy that works for everyone.”
- The Honourable Mona Fortier, President of the Treasury Board
Measures in Budget 2022 to make housing more affordable include:
- 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; and
- A Multigenerational Home Renovation Tax Credit that 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;
- The creation of the Canada Growth Fund to help attract tens of billions of dollars in private capital towards 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 under 12 years-olds in 2022, expanding to under 18 years-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;
- $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;
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