Budget 2022 unveils billions in 'targeted' new spending, deficit projected at $52.8B

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Federal budget to include $10B housing plan, $8B for defence

As Canadians face a cost of living crunch, tackling housing affordability is going to be a main feature of Thursday's federal budget, seeing the Liberals earmark $10 billion towards this aim. The 2022 federal budget will also include a defence spending increase over multiple years, but the...

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Federal budget to include ban on foreign home buyers, billions for housing​

Rachel Aiello CTVNews.ca Online Politics Producer
Joyce Napier CTV National News Ottawa Bureau Chief
Published Wednesday, April 6, 2022 3:00PM EDT
Last Updated Wednesday, April 6, 2022 4:57PM EDT

Housing affordability is going to be a main feature of tomorrow’s federal budget, CTV News has learned, including moving to make it illegal for foreigners to buy any residential properties in Canada for the next two years.

The government is set to follow through on a series of 2021 Liberal campaign commitments as part of the 2022 budget, including implementing a new “Tax-Free First Home Savings Account” that, if it mirrors the platform promise, will allow Canadians under 40 to save up to $40,000 towards their first home.

With the aim of shortening the time it’ll take to afford a down payment, first-time home buyers would be able to withdraw this money tax-free to put towards their first home purchase, with no requirement to repay it, per the Liberal platform.

The overall housing package is expected to total approximately $10 billion in new funding over the next five years.

The foreign buyers ban will apply to condos, apartments, and single residential units. Permanent residents, foreign workers, and students will be excluded from this new measure. Foreigners who are purchasing their primary residence here in Canada will be exempt.

The policy change will be legislated, giving the government powers to prescribe penalties and potential judicial powers to address instances of non-compliance, according to a government source. There is no cost attached to this foreign buyers measure yet.

Among the several housing-focused promises in the party’s platform, the Liberals promised to ban foreign money from purchasing a non-recreational, residential property in Canada for the next two years, and work with the provinces and territories “to better regulate the role of foreign buyers in the Canadian housing market.”

Given the housing crunch, the lack of inventory, and the skyrocketing prices, CTV News has learned that Thursday’s budget will also include:

• $4 billion to help municipalities update their zoning and permit systems to allow for speedier construction of residential properties;
• $1 billion for the construction of affordable housing units; and
• $1.5 billion in loans and funding for co-op housing.

The $4 billion for municipalities appears to be addressing one of the housing elements from the Liberal-NDP deal. The confidence-and-supply agreement included a pledge to move ahead with “launching a Housing Accelerator Fund.”

This is in reference to a Liberal platform commitment, which is meant to incentivize housing construction by cutting red tape and building other digitized systems related to municipal planning, zoning and permitting systems.

It remains unclear how many housing units will be created under these spending measures.

“The objective is to keep houses in Canada for Canadians,” said a government official speaking to CTV News on a not-for-attribution basis.

 

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Budget 2022 will need ‘alchemy’ to balance cost of living, global risks: expert - National | Globalnews.ca

The Liberals are being pressed to both spend more on social programs such as dental care, child care and health care transfers, while also addressing soaring inflation.

globalnews.ca

 

[Jay Wang]

土豆真乃天生领袖啊

 

[ottawa_tj]

应该强制收回（按买入价格）外国买家的投资房，也许能把房价降下来。

 

[肥猫]

土豆虚晃一枪：外国人买自住房豁免。感觉不如涨利息管用。

 

[chatbot]

外国人买的都是多伦多的condo和一些cottage。对房市影响不大，主要是利率

 

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CTV News Video | Breaking Canada & World News, Local Stories

CTV News brings you the top videos and must-watch moments from Canada and around the world. Dive into Breaking News, Politics, Weather, Health, Business and more.

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WATCH LIVE:​

CTV News Special Report: Wall-to-wall coverage of the 2022 Federal Budget, ​

 

[Jay Wang]

土豆虚晃一枪：外国人买自住房豁免。感觉不如涨利息管用。

土豆逗你玩儿？

 

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Budget 2022 unveils billions in 'targeted' new spending, deficit projected at $52.8B

In the 2022 federal budget, the government is unveiling tens of billions in new spending over the next five years, aimed at 'targeted' initiatives to build the economy, while continuing to chip away at the deficit.

www.ctvnews.ca

 

[知更鸟]

应该强制收回（按买入价格）外国买家的投资房，也许能把房价降下来。

按照土豆说法，房价自己可以平衡

 

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https://www.cbc.ca/news/politics/budget-2022-highlights-1.6412196

HOME-BUYING HELP

The budget promises to introduce tax-free savings accounts that would give first-time home buyers the chance to save up to $40,000. Contributions would be tax-deductible and withdrawals to buy a first home would not be taxed. The program is expected to provide $725 million in support over five years.

AFFORDABLE HOUSING

The government is launching a new housing accelerator fund — worth $4 billion over five years — to help municipalities speed up housing development. The goal is to create 100,000 new housing units in the next five years. The budget also extends the rapid housing initiative, pledging $1.5 billion over two years to create at least 6,000 new housing units to help tackle homelessness.

DENTAL CARE

Moving on a commitment in its confidence and supply agreement with the NDP, the government is promising $5.3 billion over five years and $1.7 billion each year thereafter for a national dental care program. It will begin this year with children under 12 years old and expand to cover Canadians under 18 years old, seniors and people with disabilities in 2023. The program, which is to be fully implemented by 2025, is limited to families with incomes of less than $90,000 a year. For those with an income of less than $70,000, no co-payments will be required.

DEFENCE AND SECURITY

The budget boosts defence spending by $8 billion over five years, bringing Canada's defence budget to a projected 1.5 per cent of GDP. That falls short of the two per cent of GDP NATO has called on member nations to spend — especially since Russia's war on Ukraine began — but the $8 billion includes $500 million in military aid to Ukraine. The budget also earmarks $875 million over five years to combat rising threats to cybersecurity, and $100 million over six years to strengthen leadership in the Canadian Armed Forces, modernize the military justice system and implement culture change in the CAF.

ENVIRONMENT AND CLIMATE CHANGE

To help meet Canada's climate change targets, the budget offers $2.6 billion over five years to finance a new investment tax credit for businesses that spend money on carbon capture, utilization and storage (CCUS). The government also plans to extend incentives and expand eligibility for a program to entice more Canadians to buy electric cars, vans, trucks and SUVs, which will cost $1.7 billion over five years. The government also plans to impose a sales mandate to ensure that at least 20 per cent of new light-duty vehicle sales will be zero-emission vehicles (ZEVs) by 2026; that market share is supposed to rise to at least 60 per cent by 2030 and 100 per cent by 2035. The budget also commits $3.8B to launch Canada's first strategy to develop exploitation of critical minerals used in everything from phones to airplanes.

INDIGENOUS RECONCILIATION

The budget promises to spend an additional $11 billion over six years to support Indigenous children, families and communities, including $4 billion for housing and another $4 billion over seven years to help ensure access for First Nations children to health, social and educational services. Almost $400 million over two years will go to improve infrastructure on reserves, including $247 million for water and wastewater infrastructure. To address a key commitment on reconciliation, the budget sets aside $210 million to help communities document, locate and memorialize burial sites at former residential schools. The money also will help the National Centre for Truth and Reconciliation pay for a new building and assist with the "complete disclosure" of federal documents related to residential schools. The budget sets aside just over $5 million over five years to allow the RCMP to assist in community-led investigations into burial sites at former residential schools.

DIVERSITY AND INCLUSION

In line with the government's diversity and inclusion agenda, the budget promises $100 million over five years for a federal LGBTQ2 action plan, $85 million more to support ongoing work on the anti-racism strategy and $50 million to support Black-led and Black-serving community organizations. It also commits $15 million to support local journalism in underserved communities and to help racialized and religious minority journalists present their experience and perspectives.