Federal Budget | 6 Measures That Affect You

Posted yesterday at 4:08 pm.

Karim Venetian

Karim Venetian
press

housing


PHOTO EDOUARD PLANTE-FRÉCHETTE, LA PRESSE ARCHIVES

The main step in promoting home ownership is the creation of a new Tax Exempt Savings Account (TFSA), which is booked for the first real estate purchase and costs $ 725 million over five years. New buyers can invest $ 40,000 there, up to $ 8,000 a year, tax deductible and tax exempt investment income, which can be used as a down payment. The tax credit for the first home purchase will also double, from $ 5,000 to $ 10,000, and in fact Quebec taxpayers will be entitled to a refund of up to $ 1,500 to $ 1,252.50.This measure applies to homes purchased from 1er It will cost $ 675 million by January 2022 and 2027.

parents


PHOTO FRANÇOIS ROY, LA PRESSE ARCHIVES

A total of 72 million steps over five years will help those who want to become parents. “Surrogacy and costs for some Canadians, whether they are suffering from fertility problems, are part of a same-sex couple, or simply want to be a father or mother on their own terms. I’m looking at these procedures and finding my family. Dream. ” From now on, medical expenses related to surrogate mothers or donors of sperm, eggs and embryos will be tax deductible. Fees paid to Canadian fertility clinics and donor banks to obtain sperm and eggs are also covered.

Other checks for $ 500


PHOTO IVANOH DEMERS, LA PRESSE ARCHIVES

Quebec isn’t the only one to send a $ 500 check in the coming months. Under different conditions, Ottawa will offer exactly the same amount of $ 475 million next year to “people who have difficulty accessing affordable homes” and “people who have difficulty” with a one-time payment. To do. Pay for their housing. Details of this service are not yet known, but “will be announced at a later date.” It complements Canada’s housing assistance program, which was launched jointly with the state in 2020, and will provide $ 4 billion in funding over eight years.

Electric car


PHOTO OLIVIER PONTBRIAND, LA PRESSE ARCHIVES

Subsidies of up to $ 5,000 for the purchase or long-term lease of electric vehicles, rechargeable electric hybrids, hydrogen fuel cells will be renewed for three years. Starting in 2019, the program has been used by 136,000 buyers or tenants and will be extended to at least 2025 with a total cost of $ 1.7 billion. There are no plans for the amount for the next two years. The terms of use are the same. If the vehicle is designed for passengers of 6 or less, the manufacturer’s suggested retail price (MSRP) should not exceed $ 45,000. Vehicles with 7 or more passengers can get a price of $ 55,000.

Beer and vaping


Photo Tony Dejack, Canadian Press Archive

Starting October next year, vapor-breathing liquids will be subject to federal sales tax. For containers less than 10 ml, $ 1 for every 2 ml of liquid and $ 1 for every additional 10 ml. Ottawa expects this new tax to raise 654 million over five years. It also corrects tax discrepancies imposed on beer with less than 0.5% alcohol. Unlike wines and spirits in this category, beer is subject to excise tax.This tax disappears in one dayer July next year. Cost to Ottawa for this little flower for non-alcoholic beer lovers: 9 million in 5 years.

Bank


PHOTO DAVID BOILY, LA PRESSE ARCHIVES

Consumer complaints about banks can be dealt with more effectively. If it is up to the Trudeau government, a single nonprofit will be responsible for this element. This is because the current manager, the Banking Services Investment Ombudsman (OBSI), was founded in 1996 and is not enforceable. Several banks, including Royal Bank and TD, denied his authority and chose their own mediators. “Banks need to be unable to choose which complaint agency to participate in,” the budget document states. A “targeted” law has been announced to bring these complaints to a single independent external body.