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.
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.
U.S President Joe Biden and Prime Minister Justin Trudeau have announced updates on a number of cross-border issues, after a day of meetings on Parliament Hill.
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.
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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.'
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An attorney for an 11-year-old Mississippi boy who was shot by a police officer after he called 911 for help said Thursday there was 'no way' the boy could have been mistaken for an adult.
Texas' Republican-led House of Representatives impeached state Attorney General Ken Paxton on Saturday on articles including bribery and abuse of public trust, a sudden, historic rebuke of a GOP official who rose to be a star of the conservative legal movement despite years of scandal and alleged crimes.
Killer whales severely damaged a sailing boat off the coast of southern Spain, the local maritime rescue service said on Thursday, adding to dozens of orca attacks on vessels recorded so far this year on Spanish and Portuguese coasts.
It is a world wrapped in mystery - the seventh planet from the sun, Uranus, seen up close just once nearly four decades ago by a passing NASA probe and still warily guarding its secrets.
Mexican authorities say they've made an arrest in the killing of a Quebec man earlier this month in the Pacific coast beach town of Puerto Escondido. The Oaxaca state attorney general says in a statement issued Friday that an arrest warrant was executed for a man in Puerto Escondido identified only by his initials in connection with the homicide of Victor Masson.
Mortgage delinquencies are expected to rise by more than one-third of current levels over the next year, according to some economists. If you anticipate being unable to make your payments and decide to sell your home, here's what an expert says you should consider.
Mexican authorities say they've made an arrest in the killing of a Quebec man earlier this month in the Pacific coast beach town of Puerto Escondido. The Oaxaca state attorney general says in a statement issued Friday that an arrest warrant was executed for a man in Puerto Escondido identified only by his initials in connection with the homicide of Victor Masson.
Advocates are hoping the Ontario government will consider alternatives to the use of wild animals in off-leash dog areas for the purpose of tracking as officials push forward with a proposal to expand training areas in the province.
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Bill Mayo isn’t letting age keep him from doing what he loves. This weekend the 90-year-old is taking on a 42-kilometre walk as part of the Moncton Outdoor Enthusiasts' 40th anniversary.
Texas' Republican-led House of Representatives impeached state Attorney General Ken Paxton on Saturday on articles including bribery and abuse of public trust, a sudden, historic rebuke of a GOP official who rose to be a star of the conservative legal movement despite years of scandal and alleged crimes.
An attorney for an 11-year-old Mississippi boy who was shot by a police officer after he called 911 for help said Thursday there was 'no way' the boy could have been mistaken for an adult.
The Taliban and Iran exchanged heavy gunfire Saturday on the Islamic Republic's border with Afghanistan, killing and wounding troops while sharply escalating rising tensions between the two countries amid a dispute over water rights.
The United Nations Secretary-General Antonio Guterres was 'shocked' by a letter from Sudan's military ruler, demanding the removal of the UN envoy to the country, Sudanese and UN officials said Saturday.
Travellers arriving in the U.K. faced hours-long delays Saturday after a technical problem shut electronic border gates at airports across the country, forcing everyone to have their passports checked manually on what was expected to be one of the busiest travel weekends of the year.
Ukraine's military intelligence has claimed, without offering evidence, that Russia is plotting a 'large-scale provocation' at a nuclear power plant it occupies in the southeast of the country with the aim of disrupting a looming Ukrainian counteroffensive.
Almost a year before the closure of 24 Sussex Drive due to disrepair and an infestation of rodents, the chairman of the National Capital Commission's board of directors warned that further delaying a cabinet decision on the fate of the residence would put the whole structure at risk.
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MPs have reissued an invitation for special rapporteur David Johnston to testify before a parliamentary committee studying foreign interference, by June 6.
Allergies in both children and adults have definitely been on the rise over the last several years, much of the rise in allergies and asthma 'can be directly linked to climate change,' experts say.
It is a world wrapped in mystery - the seventh planet from the sun, Uranus, seen up close just once nearly four decades ago by a passing NASA probe and still warily guarding its secrets.
Egypt unearthed human and animal mummification workshops as well as two tombs in the ancient burial ground of Saqqara, officials said on Saturday, marking the latest in a string of discoveries that the country hopes can help revive its vital tourism industry.
France confirmed its aim to launch a vaccination program against bird flu in the autumn after results from a series of tests on the vaccination of ducks showed 'satisfactory effectiveness,' the farm ministry said.
Justine Triet's 'Anatomy of a Fall' won the Palme d'Or at the 76th Cannes Film Festival in a ceremony Saturday that handed the festival's prestigious top prize to a twisty French Alps courtroom drama.
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Who is Diandra D'Alessio? She's a Montrealer, a technical writer, a history lover -- and she's last night's Jeopardy winner. The self-proclaimed trivia buff made it out on top with $3,299 under her belt.
Mortgage delinquencies are expected to rise by more than one-third of current levels over the next year, according to some economists. If you anticipate being unable to make your payments and decide to sell your home, here's what an expert says you should consider.
A new report is casting doubt on the idea that Canada is facing a widespread labour shortage and bolsters the arguments by some labour economists that high job vacancies aren't due to a shortage of workers.
As Elizabeth Holmes prepares to report to prison next week, the criminal case that laid bare the blood-testing scam at the heart of her Theranos startup is entering its final phase.
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TikTok cleaning influencer Melissa Pateras says few people know how to clean their dishwasher filter, which could be the culprit to musty smelling plastic.
The Denver Nuggets had all the ingredients for an NBA Finals run this season -- Nikola Jokic's all-around greatness, Jamal Murray's sweet ball handling, Michael Porter Jr.'s board crashing and arc accuracy, Aaron Gordon's above-the-rim brilliance.
Luton captain Tom Lockyer was taken to a hospital after collapsing to the ground during the Championship playoff final against Coventry on Saturday, but the team said he was conscious and responsive.
The 24 Hours of Le Mans, the world's most famous endurance race, will be open to hydrogen-powered cars starting in 2026, Pierre Fillon, the president of the Automobile Club de l'Ouest, said Saturday.
A Tennessee company is refusing demands from U.S. regulators to recall millions of vehicles due to airbag inflators that can explode and shoot shrapnel into drivers. While cases are rare, there has been at least one death in Canada, where officials lack the authority to demand a similarly sweeping recall.
Defending Formula One champion Max Verstappen produced a superb final lap to take pole position at the Monaco Grand Prix on Saturday and deny Aston Martin veteran Fernando Alonso his first pole in 11 years.
