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.
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.'
Russia says it thwarted a large Ukrainian attack in the eastern province of Donetsk, though it's unclear if this was the start of a Ukrainian counteroffensive.
France will be sending firefighters to aid Quebec as the province continues to battle massive forest fires, French President Emmanuel Macron announced.
Although remote work has cleared the way for workplace flexibility, allowing employees to work in various locations (and climates), a new study suggests it’s taking a serious toll on work-life balance.
The Nova Scotia government says it is investigating the theft of personal information stolen through a global privacy breach to a third-party file transfer system the province was using.
Quebec provincial police (SQ) have identified the adult victim of a fishing incident that claimed five lives over the weekend, most of them children. Keven Girard, 37, was among a group of 11 people swept up by the tide late Friday night while fishing along the shore in Portneuf-sur-Mer, a village about 550 kilometres northeast of Montreal.
A wildfire that tore through homes and businesses in the Halifax area is 100 per cent contained, but a historic fire in southwestern Nova Scotia remains out of control.
Natural Resources Minister Jonathan Wilkinson says the federal government is not ruling out finding ways to achieve net zero sooner than the existing 2050 goal, but would not say whether there would be a definitive commitment to move up the target.
Apple appears poised to unveil a long-rumoured headset that will place its users between the virtual and real world, while also testing the technology trendsetter's ability to popularize new-fangled devices after others failed to capture the public's imagination.
Quebec provincial police (SQ) have identified the adult victim of a fishing incident that claimed five lives over the weekend, most of them children. Keven Girard, 37, was among a group of 11 people swept up by the tide late Friday night while fishing along the shore in Portneuf-sur-Mer, a village about 550 kilometres northeast of Montreal.
France will be sending firefighters to aid Quebec as the province continues to battle massive forest fires, French President Emmanuel Macron announced.
The Nova Scotia government says it is investigating the theft of personal information stolen through a global privacy breach to a third-party file transfer system the province was using.
Allowing new Canadians to take the oath of citizenship by clicking a box online is a disgusting idea that will cheapen the process and open the door to fraud -- or a forward-thinking notion that will help decrease a backlog of citizenship applications, depending on who you ask.
A wildfire that tore through homes and businesses in the Halifax area is 100 per cent contained, but a historic fire in southwestern Nova Scotia remains out of control.
Wildfires in northwestern Quebec prompted thousands to evacuate the area over the weekend, as the number of blazes pushed past 150 and firefighters and the military poured into parts of the province to fight the encroaching flames -- even as that threat eased slightly Sunday on the North Shore.
The derailment in eastern India that killed 275 people and injured hundreds was caused by an error in the electronic signalling system that led a train to wrongly change tracks and crash into a freight train, officials said Sunday.
China tightened access to Tiananmen Square in central Beijing on Sunday, the anniversary of the military suppression of 1989 pro-democracy protests that left a still unknown number of people dead and discussions and commemorations forbidden within the country.
A wayward and unresponsive business plane that flew over the U.S. capital Sunday afternoon caused the military to scramble a fighter jet before the plane crashed in Virginia, officials said. The fighter jet caused a loud sonic boom that was heard across the capital region.
Debate surrounding Florida's new restrictions on gender-affirming care focused largely on transgender children. But a new law that Republican presidential candidate and Gov. Ron DeSantis signed last month also made it difficult -- even impossible -- for many transgender adults to get treatment.
China's defence minister defended sailing a warship across the path of an American destroyer and Canadian frigate transiting the Taiwan Strait, telling a gathering of some of the world's top defence officials in Singapore on Sunday that such so-called 'freedom of navigation' patrols are a provocation to China.
At least 15 people have died and another eight are missing after heavy rains unleased widespread flooding and several landslides across Haiti over the weekend, authorities said Sunday.
Natural Resources Minister Jonathan Wilkinson says the federal government is not ruling out finding ways to achieve net zero sooner than the existing 2050 goal, but would not say whether there would be a definitive commitment to move up the target.
Jenny Kwan has been outspoken against human-rights violations by the Chinese Communist Party and often advocates for the country's Uyghur Muslim minority. The Hong Kong-born member of Parliament said in an interview with The Canadian Press that that's what made her an 'evergreen' target of the Chinese government.
New study finds increase in antipsychotic drugs use in long-term care homes across Canada, despite no significant increase in behavioural symptoms – something that may expose a potential area of concern for quality of care, researchers say.
The number of people in Canada with inflammatory bowel disease is increasing rapidly and is expected to grow to 470,000 by 2035, according to a new report from Crohn's and Colitis Canada.
Racial bias built into a common medical test for lung function is likely leading to fewer Black patients getting care for breathing problems, a study published Thursday suggests.
Apple appears poised to unveil a long-rumoured headset that will place its users between the virtual and real world, while also testing the technology trendsetter's ability to popularize new-fangled devices after others failed to capture the public's imagination.
The Nova Scotia government says it is investigating the theft of personal information stolen through a global privacy breach to a third-party file transfer system the province was using.
Constructed by a team at London, Ont.’s Western University, a tiny satellite — roughly the size of a Rubik’s cube — will ride aboard a SpaceX mission bound for the International Space Station.
'Spider-Man: Across the Spider-Verse' opened in U.S. and Canadian theatres with a massive US$120.5 million, more than tripling the debut of the 2018 animated original and showing the kind of movie-to-movie box-office growth that would be the envy of even the mightiest of Hollywood franchises.
Apple appears poised to unveil a long-rumoured headset that will place its users between the virtual and real world, while also testing the technology trendsetter's ability to popularize new-fangled devices after others failed to capture the public's imagination.
Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.
A tanker transporting crude oil broke down in a single-lane part of Egypt's Suez Canal on Sunday, briefly disrupting traffic in the global waterway, Egyptian authorities said.
Jessica Tuomela is a swimmer and triathlete, and has been on the podium at the Paralympics, but says the feeling returning a missing person home safely is no comparison.
Constructed by a team at London, Ont.’s Western University, a tiny satellite — roughly the size of a Rubik’s cube — will ride aboard a SpaceX mission bound for the International Space Station.
Gabe Vincent scored 23 points, Jimmy Butler and Bam Adebayo each had 21 and the Miami Heat evened up the NBA Finals by overcoming a monster effort from Nikola Jokic to beat the Denver Nuggets 111-108 in Game 2 on Sunday night.
The joy Paul Maurice felt on the morning of the start of the Stanley Cup Final was also tinged with sadness. The veteran coach knew there were only at most seven more games left to play.
Karim Benzema converted his penalty kick and received a standing ovation from fans before being substituted at the Santiago Bernabeu Stadium, bringing an end to his memorable career with Real Madrid on Sunday.
America apparently needs more car seats. So, when Volkswagen unveiled the ID. Buzz, a retro-styled electric van, last year, it noted that the version for the North American market would be longer and would have three rows of seats.
Max Verstappen had warned that his Red Bull team was good enough to win every single race of the Formula One season. On Sunday he took one more step toward that ambitious sweep by easing to victory at the Spanish Grand Prix.
