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.'
A U.S. and a Canadian warship sailed through the Taiwan Strait on Saturday, the U.S. Navy said, in a rare joint mission in the sensitive waterway at a time of heightened tensions between Beijing and Washington over Chinese-claimed Taiwan.
A fishing excursion ended in tragedy on Saturday when four children died in a village in northeastern Quebec, provincial police said. Authorities said they were still searching for a missing man in his 30s who was a member of the fishing party and remained unaccounted for.
The U.S. Ambassador to Canada says America 'absolutely wants to have it both ways' when it comes to fighting climate change while pursuing fossil fuel projects.
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.
Concerns around civilian safety spiked in Ukraine on Saturday, as officials announced that an inspection had found nearly a quarter of the country's air-raid shelters locked or unusable, just days after a woman in Kyiv allegedly died waiting outside a shuttered shelter during a Russian missile barrage.
Pope Francis warned the Vatican's missionary fundraisers on Saturday not to allow financial corruption to creep into their work, insisting that spirituality and spreading the Gospel must drive their operations, not mere entrepreneurship.
Canada is open to the idea of including a requirement to cut back on the production of plastic in a new global treaty to eliminate plastic pollution, Environment Minister Steven Guilbeault said Friday.
A U.S. and a Canadian warship sailed through the Taiwan Strait on Saturday, the U.S. Navy said, in a rare joint mission in the sensitive waterway at a time of heightened tensions between Beijing and Washington over Chinese-claimed Taiwan.
Ottawa Centre MP Yasir Naqvi submitted his paperwork on Friday to enter the Ontario Liberal leadership race, a campaign spokesperson told CTV News Ottawa.
A fishing excursion ended in tragedy on Saturday when four children died in a village in northeastern Quebec, provincial police said. Authorities said they were still searching for a missing man in his 30s who was a member of the fishing party and remained unaccounted for.
A marine conservation charity and Inuit hunters are praising cruise operators for agreeing to avoid a Nunavut waterway where thousands of narwhal migrate each summer.
Concerns around civilian safety spiked in Ukraine on Saturday, as officials announced that an inspection had found nearly a quarter of the country's air-raid shelters locked or unusable, just days after a woman in Kyiv allegedly died waiting outside a shuttered shelter during a Russian missile barrage.
Hong Kong police detained eight people, including activists and artists, on the eve of the 34th anniversary of China's Tiananmen Square crackdown, a move that signals the city's shrinking freedom of expression.
Tens of thousands of people rallied in Serbia's capital on Saturday for a fifth time in a month, following two mass shootings that shook the nation, even as the country's populist president rejected any responsibility for the crisis and ignored the protesters' demands to step down.
Despite a dire warning from the United Nations chief that the U.N. agency for Palestinian refugees "is on the verge of financial collapse," donors at a pledging conference on Friday provided just US$107 million in new funds -- significantly less than the US$300 million it needs to keep helping millions of people.
Amid plates of sliced pork, statement-making leather ensembles and piles of political T-shirts, eight Republican presidential hopefuls descended on Iowa to pitch themselves to voters and, in Mike Pence's case, hop on a motorcycle.
With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.
Defence Minister Anita Anand says Canada is committed to the support of a free, open and inclusive Indo-Pacific, and is reinforcing its military presence in the region.
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.
Twitter's head of trust and safety, Ella Irwin, told Reuters on Thursday that she has resigned from the social media company, which has faced criticism for lax protections against harmful content since billionaire Elon Musk acquired it in October.
Deep in an open coal mine in southern Greece, researchers have discovered the antiquities-rich country's oldest archaeological site, which dates to 700,000 years ago and is associated with modern humans' hominin ancestors. The find announced Thursday would drag the dawn of Greek archaeology back by as much as a quarter of a million years, although older hominin sites have been discovered elsewhere in Europe. The oldest, in Spain, dates to more than a million years ago.
In an exclusive interview with The Associated Press, director Christopher Nolan offers a guide to his favourite formats, explaining why it matters and even where he likes to sit so that audiences don't feel like they need a film school degree (or one in theoretical physics) before settling on a theatre.
Walt Disney's Pixar Animation Studios has eliminated 75 positions including those of two executives behind box office disappointment 'Lightyear,' sources said on Saturday, the first significant job cuts at the studio in a decade.
Air Canada says travellers should be prepared for further flight disruptions as it works to return service to normal following a technical malfunction Thursday.
Bianca Andreescu was eliminated from the French Open after losing to Ukraine's Lesia Tsurenko in straight sets, 6-1, 6-1, in the third round on Saturday.
Rafael Nadal is expected to need about five months to recover from arthroscopic surgery on his left hip, a timeline that likely would keep him out for the rest of this season.
Max Verstappen stormed his way to pole position at the Spanish Grand Prix on Saturday while his top rivals struggled on the damp track and will start well behind the two-time defending champion.
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.
