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.'
With the latest hike bringing Canada's key interest rates to levels not seen since 2001, one mortgage broker is warning that it may be 'the last straw' for some homeowners with variable mortgages.
Poor air quality is forecast to persist into the weekend across parts of Ontario, as plumes of wildfire smoke blanket the province and prompt school boards to limit outdoor activities.
The Bank of Canada's latest decision to raise its key interest rate comes at a time when many are struggling to afford their homes. CTVNews.ca wants to hear from people in Canada who are going to great lengths to find affordable housing.
One of the architects of the law that governs Canada's prison system says it's understandable people want revenge on killer and serial rapist Paul Bernardo, but that's not what the prison system is designed for.
With social media ever-present in modern life, figuring out when and how to introduce it to children is something every parent will have to deal with eventually. CTV's Your Morning spoke to a child-life specialist about how parents can have that conversation and be positive role models too.
Being a 'sleep procrastinator' might not only make you grumpy the next day, it can put your health at risk. A sleep expert shares tips for making sure bedtime is shut-eye time.
A northern Ontario forest fire that started west of Sudbury on Sunday morning has grown to more than 1,000 hectares and has prompted officials to issue an evacuation order for the immediate area as the number of active fires in the region grows.
Poor air quality is forecast to persist into the weekend across parts of Ontario, as plumes of wildfire smoke blanket the province and prompt school boards to limit outdoor activities.
With 415 active wildfires across the country as of Tuesday afternoon, and 238 were considered out of control, it has meant long hours for people working at the Canadian Interagency Forest Fire Centre trying to figure out where firefighters and equipment are needed most at any given time.
Halifax media outlets were given a tour of the neighbourhoods hardest hit by the Tantallon wildfire Tuesday afternoon and saw firsthand the damage and destruction left behind.
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.
Greek officials have launched a series of high-level contacts with the newly elected government in Turkiye in an effort to counter a surge in attempted crossings by migrants over a river that divides the two countries.
Prince Harry entered a London courtroom on a mission to prove that the publisher of the Daily Mirror tabloid had hacked his phone and unlawfully snooped on his life.
When Prince Harry entered the witness box in his lawsuit against the publisher of the Daily Mirror, he became the first senior member of the Royal Family to testify in court since the late 19th century.
Germany is preparing to host the biggest air deployment exercise in NATO's history, a show of force intended to impress allies and potential adversaries such as Russia, German and American officials said Wednesday.
Environment Minister Steven Guilbeault told Power Play host Vassy Kapelos it would 'greatly help' Canada's capacity to accelerate the fight against climate change if he didn't have to 'fight the Conservative Party of Canada.'
Canada's special rapporteur on foreign interference David Johnston calls the allegations swirling around his objectivity 'quite simply false,' and said Tuesday he plans to push ahead with his work, launching public hearings next month
Being a 'sleep procrastinator' might not only make you grumpy the next day, it can put your health at risk. A sleep expert shares tips for making sure bedtime is shut-eye time.
Two people died in what officials believe was a mass fentanyl overdose over the weekend involving five people in a hotel room in the Hawaii tourist mecca of Waikiki.
Federal safety regulators are urging consumers to stop using baby pillows that have been linked to 10 infant deaths but are still being sold on Facebook Marketplace, despite being recalled two years ago.
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.
The Canadian military has confirmed it participated in a May 2023 forum for Five Eyes intelligence partners that was held by the director of the Pentagon's UFO research program.
Former Fox News host Tucker Carlson released the first episode of his new show on Twitter on Tuesday, weeks after being taken off the air by the network following a damaging defamation lawsuit over false claims of election fraud.
CNN ousted chief executive Chris Licht after a tumultuous year leading the struggling news network that culminated in a damning magazine profile and the growing realization that he'd lost the confidence of the network's journalists.
Astrud Gilberto, the Brazilian singer, songwriter and entertainer whose off-hand, English-language cameo on 'The Girl from Ipanema' made her a worldwide voice of bossa nova, has died at age 83.
With the latest hike bringing Canada's key interest rates to levels not seen since 2001, one mortgage broker is warning that it may be 'the last straw' for some homeowners with variable mortgages.
Montana became the first state in the U.S. to enact a complete ban on TikTok on Wednesday when Republican Gov. Greg Gianforte signed a measure that's more sweeping than any other state's attempts to curtail the social media app, which is owned by a Chinese tech company.
Years ago, when my now-grown daughter Justine was a toddler, we visited a U-pick farm where she plucked plump, ripe strawberries from a field of sprawling plants. Some made it into the basket on that sunny June day; others went directly into her mouth.
On the eve of the RBC Canadian Open, news of a merger between the PGA Tour, European Tour and LIV Golf shocked the golf world -- including one of Canada's best players.
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.
Ontario has committed to paying a third of the cost to save a $5-billion electric vehicle battery plant in Windsor, Ont., premier Doug Ford said Thursday.
Former Formula One boss Bernie Ecclestone on Tuesday formally pleaded not guilty to a fraud charge over his alleged failure to declare millions of dollars held in a trust in Singapore to Britain's government.
