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.
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.'
Two billion carbon-absorbing trees to be planted by 2030 was the eye-catching Trudeau government promise from four years ago. But according to a new environment commissioner’s report, a mind-reeling list of failures makes it 'unlikely that the program will meet its objectives.'
NDP Leader Jagmeet Singh is pushing for special rapporteur David Johnston to 'step aside' from his role examining the issue of foreign interference before he embarks on public hearings.
New Democrat MP Jenny Kwan said Monday that Canada's spy agency has confirmed her long-held belief that she is being targeted by the Chinese government over her advocacy for human rights in Hong Kong and for the Uyghur Muslim minority in China.
There's a heightened risk of wildfires across the country during what has been one of the earliest fire seasons on record. From British Columbia to Nova Scotia, here's where the risk is highest.
With the summer swimming season fast approaching, the Canada Safety Council is reminding people to be careful and take measures to prevent drowning, especially after three children died just days apart.
In Alberta today, the United Conservative Party is looking to win a second consecutive majority government while the NDP is fighting to regain the office it lost in 2019.
Three national health organizations want Canada's premiers to push for initiatives to reduce smoking during settlement negotiations with major tobacco companies, years after provinces sued to recoup health-care costs.
In Alberta today, the United Conservative Party is looking to win a second consecutive majority government while the NDP is fighting to regain the office it lost in 2019.
There's a heightened risk of wildfires across the country during what has been one of the earliest fire seasons on record. From British Columbia to Nova Scotia, here's where the risk is highest.
The NATO-led KFOR peacekeeping force on Monday said that 25 of its troops were injured in the clashes with ethnic Serbs in northern Kosovo who were trying to take over the offices of one of the municipalities where ethnic Albanian mayors took up their posts last week.
Malaysia's maritime agency said Monday it found a cannon shell believed to be from World War II on a Chinese-registered vessel and was investigating if the barge carrier was involved in the looting of two British warship wrecks in the South China Sea.
U.S. President Joe Biden lauded the sacrifice of generations of U.S. troops who died fighting for their country as he marked Memorial Day with the traditional wreath-laying ceremony at Arlington National Cemetery.
Assailants in Puerto Rico who killed two people and injured 13 when they fired indiscriminately outside a bar during a birthday party were targeting just one man in a drug trafficking feud, police said Monday.
Japanese Prime Minister Fumio Kishida said Monday his son is resigning as his executive policy secretary to take responsibility for using the prime minister’s residence for a private party at which the merrymaking was exposed in magazine photos that triggered public outrage.
Saudi Arabia said it executed two Bahraini men on Monday after being convicted of belonging to a militant group wanting to destabilize the two Mideast kingdoms. Amnesty International and other rights groups have criticized their trial as being grossly unfair.
NDP Leader Jagmeet Singh is pushing for special rapporteur David Johnston to 'step aside' from his role examining the issue of foreign interference before he embarks on public hearings.
New Democrat MP Jenny Kwan said Monday that Canada's spy agency has confirmed her long-held belief that she is being targeted by the Chinese government over her advocacy for human rights in Hong Kong and for the Uyghur Muslim minority in China.
Criminal lawyers are raising concerns that proposed changes to Canada's bail laws won't be constitutional, as they eagerly await a statement explaining why the federal Liberals think the reforms comply with the Charter.
Three national health organizations want Canada's premiers to push for initiatives to reduce smoking during settlement negotiations with major tobacco companies, years after provinces sued to recoup health-care costs.
Artificial intelligence means everyone can now be a computer programmer as all they need to do is speak to the computer, Nvidia CEO Jensen Huang said on Monday, hailing the end of the 'digital divide.'
North Korea on Monday notified neighbouring Japan that it plans to launch a satellite in coming days, which may be an attempt to put Pyongyang's first military reconnaissance satellite into orbit.
China plans to land astronauts on the moon before 2030, in what would be another advance in what's increasingly seen as a new space race pitting the Asian autocracy against the United States and its democratic allies.
Quebec actor Michel Cote, who captivated audiences with his roles in the theatre piece 'Broue' and films such as 'Cruising Bar' and C.R.A.Z.Y.,' has died at 72.
George Maharis, a stage-trained actor with rough-hewn good looks who became an icon to American youth in the 1960s as he cruised the country in a Corvette convertible in the hit television series 'Route 66,' has died.
Texas would expand what is considered an illegal public performance of sexual conduct, under a bill approved late Sunday by state lawmakers that drag artists fear will be used to criminalize their shows.
Turkiye's lira hit fresh record lows against the dollar on Monday, though stocks rallied, after President Tayyip Erdogan secured victory in Sunday's presidential election, extending his increasingly authoritarian rule into a third decade.
The reviews are starting to come in as details emerge about the debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy.
Animated movies are often a child’s first exposure to media and film. And the representation of people of color in media influences how they feel about race as they mature, a study by the non-profit Common Sense has found.
From actions in their local communities to mass demonstrations, here's how Canadians from all walks of life are inspiring others to take part in helping the environment.
Authors discuss their new book, 'Sorry, Sorry, Sorry: The Case for Good Apologies,' which aims to demystify the process of delivering honest apologies.
Denis Shapovalov advanced to the second round, while fellow Canadians Felix Auger-Aliassime and Rebecca Marino each earned early exits at the French Open on Monday.
A decisive doubles victory in the Billie Jean King Cup qualifiers last month helped Canada's Gabriela Dabrowski carry "a pretty good level" into her tournaments leading up to the French Open. Now she's hoping to build on it at the second Grand Slam of the tennis season.
Fernando Alonso has five podiums in six races in a remarkable season for Aston Martin, yet still feels he's no closer to catching Red Bull's Max Verstappen. The two-time Formula One champions now head to a race with special significance for both of them.
Formula One champion Max Verstappen's lights-to-flag victory at the Monaco Grand gave the Red Bull driver his fourth victory of the season and a record 39th overall for the team as he extended his championship lead to 39 points over teammate Sergio Perez on Sunday.
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.
