Highlights of the Fall Economic Statement 2022

Last month, the Federal government released the 2022 Fall Economic Statement that outlines the government’s plans moving forward. Here are the new measures proposed: 

• Eliminating interest on Canada Student Loans and Canada Apprentice Loans starting April 1, 2023

• Additional payment to current GST Credit recipients starting November 4, 2022

• Implement the Canada Dental Benefit to cover dental expenses for children under 12 years old which will provide payments of up to $650 per year over the next 2 years

• $500 top up to the Canada Housing Benefit to low-income renters

• Quarterly Canada Workers Benefit allowing quarterly advance payments starting July 2023 for the 2023 tax year

• Lowering credit card transaction fees for small businesses through negotiations with the payment card industry.  

• Tax Free First Home Savings Account which will allow prospective first time home buyers to save up to $40,000 tax free towards their first home

• Doubling the First Time Home Buyers’ Tax Credit to provide up to $1500 in direct support to home buyers starting 2022

• Crack down on house flipping to ensure that profits from properties held for less than 12 months are fully taxed starting 2023

• Multigenerational Home Renovation Tax Credit to provide up to $7500 in support for building a secondary suite for aging grandparents at home or children with disabilities, starting January 1,2023

• A new tax on share buybacks by public corporations in Canada

If you have any questions, please contact us! 

Source: https://budget.canada.ca/fes-eea/2022/home-accueil-en.html