Here are the ways the budget impacts you: From grocery bills to small business credit card fees
Here are the ways the budget impacts you: From grocery bills to small business credit card fees
The federal government unveiled its spring budget Tuesday, with a clean economy as the centrepiece, and detailing targeted measures to help Canadians deal with still-high inflation.
Finance Minister Chrystia Freeland tabled the 255-page budget Tuesday, after signalling for weeks she’d try to strike a balance between fiscal restraint and targeted spending for vulnerable Canadians.
CTVNews.ca has analyzed the documents to identify which line items that, if passed in Parliament, will have the greatest impact on Canadian small businesses, families, students and seniors.
ARE YOU STRUGGLING WITH THE COST OF LIVING?
While inflation has cooled for the second consecutive month — down to 5.2 per cent in February from 5.9 per cent in January after 40-year highs last summer — grocery prices remain high, and recent Nanos Research polling shows the economy and inflation remain among the top issues of concern to Canadians. The Liberals are proposing some key items to help Canadians with the cost of living.
With the cost of food in stores rising by 10.6 per cent year over year last month according to Statistics Canada, the federal government is proposing a new one-time “grocery rebate.” According to the budget, about 11 million low- and modest-income Canadians would be eligible for the rebate, offered through the GST tax credit system. Eligible couples with two children could receive up to $467 dollars, seniors could see $225, and a single person could be eligible for $234.
The increase in excise duties on alcoholic products has been capped at 2 per cent for one year, as of April 1. The increase was expected to be more than 6 per cent, and was widely criticized by microbrewers, distillers, and the federal opposition parties.
The federal government is clamping down on predatory loans, with plans to amend the Criminal Code and cap the amount of interest that can legally be charged at 35 per cent. This is to prevent “predatory lenders” from taking advantage of “some of the most vulnerable people in our communities,” according to the budget.
The budget also proposes changes to help Canadians access certain benefits, such as increasing the number of people eligible to file their income taxes automatically. According to the federal government, this will help many low-income Canadians who do not currently file their tax returns to access “benefits and support to which they are entitled, such as the Canada Child Benefit and the Guaranteed Income Supplement.”
ARE YOU A STUDENT?
Budget 2023 proposes increasing financial assistance for post-secondary students, and measures to help them pay off their debt, in an attempt to “make the transition from school to working life easier,” because “the federal government knows that the higher cost of living still means that students need support to afford an education.”
Some of the added measures the federal government put in place to help students during the COVID-19 pandemic are set to expire at the end of July, so the new measures in the 2023 budget will come into effect at the beginning of August.
The budget details plans to increase Canada Student Grants by 40 per cent, which could mean up to $4,200 for full-time students.
It is raising the Canada Student Loan limit from $210 to $300 weekly.
It is also waiving the requirement for mature students — classified as aged 22 years or older — to undergo credit screening to qualify for grants and loans for the first time.
ARE YOU PLANNING TO TRAVEL IN THE NEXT YEAR?
Significant travel delays and cancellations both over the summer months and during the 2022 winter holiday season led to frustration from many Canadians, and a massive backlog in traveller complaints to the Canadian Air Transport Security Authority (CATSA). The federal government, meanwhile, has largely laid the blame at the feet of the COVID-19 pandemic, but has vowed to strengthen air passenger rights and improve the travel experience in Canada.
The budget proposes $1.8 billion over five years to CATSA to “maintain and increase its level of service, improve screening wait times, and strengthen security measures at the airports.”
Part of the bill, however, will be footed by travellers, who can expect to pay a higher Air Travellers Security Charge. Air passengers on a roundtrip domestic flight will pay $19.87, up from the current $14.96, and on international flights the rate will rise from $25.91 to $34.42.
The budget also proposes changes to the Canada Transportation Act for data sharing initiatives to reduce delays and improve coordination between industry stakeholders.
ARE YOU TRYING TO FIND EASIER ACCESS TO HEALTH CARE?
One of the largest categories of spending in the spring budget is health care, which includes details of the previously announced funding deal between the federal government and the provinces and territories, along with plans to expand the dental care plan. The latter is a central piece of the confidence-and-supply deal between the Liberals and the NDP, which sees the NDP support the Liberals in exchange for progress on certain policies.
The budget lays out $46.2 billion more than previously earmarked for health care as part of the deal with the provinces and territories in exchange for improvements to patient care and access.
The budget also lays out plans to expand the Canada Dental Benefit — which currently helps cover the dental care costs of children under 12 — and sets out $13 billion over five years to create a federal dental care plan. The new plan would provide dental care coverage to uninsured Canadians with a family income of less than $90,000 by the end of this year.
The document also proposes the establishment of an Oral Health Access Fund, which would address “oral health gaps among vulnerable populations” and extend coverage to those living in rural and remote communities.
The federal government is committing $158.4 million over three years to put in place a suicide prevention hotline, which will come into effect at the end of November, and provide mental health crisis support.
The government is also committing to amending the Canada Labour Code to create paid leave for workers in federally regulated sectors who experience pregnancy loss. The new leave will also apply to parents planning to adopt to have a child through surrogacy, the budget states.
Worth noting: the budget does not include costs for pharmacare, also part of the confidence-and-supply agreement with the NDP. As part of that deal, however, the Liberals have promised to table the legislative framework for a national pharmacare plan before the end of this year.
ARE YOU A SMALL BUSINESS OWNER?
In response to an increase in Canadians using credit cards while they shop, the Liberals are touting plans in the budget to help small business owners, namely by working with certain credit card companies to lower transaction fees.
Visa and MasterCard have committed to lower fees for small businesses, “while also protecting reward points,” which the budget states will mean more than 90 per cent of credit card-accepting businesses will see their fees reduced by up to 27 per cent.
The deals with Visa and MasterCard also means some small businesses will get free access to online fraud and cybersecurity resources.
Prime Minister Justin Trudeau's efforts to assure Canadians that his government is adequately addressing the threat of foreign interference took a hit on Wednesday, when the majority of MPs in the House of Commons voted for special rapporteur David Johnston to 'step aside,' a call Johnston quickly rejected.
A New Democrat MP is trying to convince his colleagues to change the rules that govern the House of Commons in a series of ways he says would instill 'democratic controls' on the prime minister's 'unfettered' powers.
Monday morning, the Public Service Alliance of Canada announced it had reached a 'tentative' agreement with the federal government for the 120,000 picketing Treasury Board workers who, since April 19, had been engaged in one of the largest strikes in Canadian history. Here's a rundown of the developments from Parliament Hill as they happened.
The House committee studying foreign election interference heard from top 2019 and 2021 Liberal and Conservative campaign directors on Tuesday, with party officials from both camps speaking about the need for politicians to come together to address any "legislative gaps" ahead of the next vote.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
Danielle Smith's win in the Alberta election hands her the most starkly divided province confronting any premier in Canada, writes commentator Don Martin.
Special rapporteur David Johnston didn't recommend public inquiry knowing it was a pathetically insufficient response for a foreign democratic assault of this magnitude, writes Don Martin in an exclusive column for CTVNews.ca.
To frame a few new illustrations on pages tucked inside a passport as proof of a Liberal plot to purge the Canadian historical record seems like a severe stretch, writes Don Martin in an exclusive column for CTVNews.ca.
Public Safety Minister Marco Mendicino is a bright former federal prosecutor, who was destined to be a star in Justin Trudeau's cabinet. But in an opinion column on CTVNews.ca, Don Martin argues Mendicino has taken a stunning fall from grace, stumbling badly on important issues just 18 months into the job.
It's the most peculiar of elections with the frontrunner and her main opponent being the same person, writes columnist Don Martin. 'In the looming Alberta showdown, it's Premier Danielle Smith versus her mouth.'
Air pollution from wildfires remained well above healthy levels across much of southern and northern Ontario and several communities in British Columbia and Alberta on Thursday.
As bystanders screamed for help, a man with a knife stabbed four young children at a lakeside park in the French Alps on Thursday, assaulting at least one in a stroller repeatedly. The children between 22 months and 3 years old suffered life-threatening injuries, and two adults also were wounded, authorities said.
The Supreme Court of Canada will not hear the appeal of an Alberta woman who was unwilling to be vaccinated in order to get a life-saving organ transplant.
Rescuers in Washington state are praising the resourcefulness of a 10-year-old girl who survived on her own for more than 24 hours in the rugged terrain of the Cascade mountains after getting lost while out with her family.
The hot, dry conditions that are fuelling wildfires countrywide are just the beginning of what summer could look like in Canada this year, according to Environment Canada senior climatologist Dave Phillips.
A $100 million class action lawsuit launched on behalf of alleged victims of sexual abuse by Catholic clergy on Manitoulin Island has been abandoned after the victims reached individual settlements with the church.
The hot, dry conditions that are fuelling wildfires countrywide are just the beginning of what summer could look like in Canada this year, according to Environment Canada senior climatologist Dave Phillips.
Manitoba's premier says a potential search of a Winnipeg-area landfill for the remains of two First Nations women should be led by the federal government and families.
A $100 million class action lawsuit launched on behalf of alleged victims of sexual abuse by Catholic clergy on Manitoulin Island has been abandoned after the victims reached individual settlements with the church.
Air pollution from wildfires remained well above healthy levels across much of southern and northern Ontario and several communities in British Columbia and Alberta on Thursday.
A replacement plane for an Air India flight diverted to Russia because of an engine problem landed in San Francisco on Thursday, carrying all passengers and crew, the airline said.
The main suspect in the 2005 disappearance of U.S. student Natalee Holloway was handed over to U.S. custody and departed Peru on a flight to the United States on Thursday, roughly a month after both countries agreed on his extradition.
About 300 infants, toddlers and older children have been rescued from an orphanage in Sudan's capital after being trapped there while fighting raged outside, aid officials said Thursday. The evacuation came after 71 children died from hunger and illness in the facility since mid-April.
The European Union on Thursday launched legal action against member country Poland over a contentious new law that the nationalist government claims is meant to combat Russian influence but which critics say could be used to persecute opposition politicians.
Senegal's president has ordered an investigation to determine who was responsible for protests by supporters of a political opponent that turned deadly last week but said he was open to consulting with the parties involved.
A former top adviser to the prime minister says a memo warning about Beijing's alleged targeting of Conservative MP Michael Chong was produced after he retired, but he was aware of issues in the way intelligence is handled.
The federal government is telling Canada's broadcasting regulator to exclude individual social media creators in the regulations to implement the government's new online streaming law.
As forest fires rage across the country, experts are sounding the alarm over the physical and psychological impacts of the wildfires and saying that they pose a serious public health issue, which individuals and governments need to acknowledge and act upon.
The Supreme Court of Canada will not hear the appeal of an Alberta woman who was unwilling to be vaccinated in order to get a life-saving organ transplant.
Internal emails from the agency tasked with regulating the price of patented drugs in Canada shows discord and division was sparked by a letter from the health minister, culminating in an indefinite pause on major drug-price reforms and several resignations.
Scientists have documented the first-known instance of a 'virgin birth' by a crocodile, which had been living in isolation for 16 years at Costa Rican zoo, according to a study published Wednesday.
The James Webb Space Telescope set its sights on a galaxy 20 million light-years away, capturing a dazzling star-forming galaxy in images streaked with the signature of passing asteroids.
Reporters are a skeptical bunch, so it was unusual to hear so many of them raving about their firsthand experience with Apple's next Big Thing: the high-priced headset called Vision Pro, a device infused with totally virtual reality as well as augmented reality that projects digital images on top of real-world settings.
A lawyer for Prince Harry finished setting out the royal's case against a newspaper publisher on Thursday, quizzing a former tabloid reporter about information inserted into stories by then-editor Piers Morgan.
The many lives of Arnold Schwarzenegger get neatly divided into three equal parts in 'Arnold,' a Netflix documentary-cum-self-led tour through his remarkable success story as bodybuilder, actor and politician, each more improbable than the other.
Parents are finding it tougher than ever to save for their children's post-secondary education, but the mainstays of post-secondary saving remain key tools, as do clear goals and plenty of planning.
Irving Oil says it’s undertaking a “strategic review” with an eye to its future. In a release Wednesday, the company says it’s looking at a number of options, including the sale of its assets.
Rescuers in Washington state are praising the resourcefulness of a 10-year-old girl who survived on her own for more than 24 hours in the rugged terrain of the Cascade mountains after getting lost while out with her family.
Blue Jays pitcher Anthony Bass said he's "in a better place moving forward" after speaking with Pride Toronto's executive director in the wake of his social media post that supported anti-2SLGBTQ+ boycotts.
On Wednesday, soccer superstar Lionel Messi said he’s going to join the Major League Soccer club Inter Miami, a blockbuster announcement that shocked the sporting world — more so since it followed rumours of a lucrative deal in Saudi Arabia and reports of a move back to Barcelona, the team that made him famous.
A group of climate activists claimed responsibility on Wednesday for deflating the tires of sport utility vehicles in Denmark's capital. More than 100 vehicles were vandalized, police said.
Insurance industry group Equite Association says vehicle theft in multiple provinces surged last year. Vehicle theft was up by 50 per cent in Quebec year over year, by 48.3 per cent in Ontario, by 34.5 per cent in Atlantic Canada and by 18.3 per cent in Alberta.
