Fall economic statement has something for everyone
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Hey there, time traveller!
This article was published 30/11/2022 (182 days ago), so information in it may no longer be current.
When Chrystia Freeland was appointed Canada’s first female national Minister of Finance, we were well into a worldwide pandemic.
Today I would argue that she has a chance to go down as one of Canada’s best Minister of Finances, as she has pushed through a wide variety of supports for Canadians to get through the pandemic and now, she is having to deal with inflation. In fairness, my Conservative Party friends might disagree, but let me share with you some of the things that she has been able to pull together as we try to build an economy and country that is there for everyone.
In November, Minister Freeland shared with us all a fall economic statement which followed some other progressive measures that came out of the spring budget.
If you read the following you will find that there are things that she has brought forward that affect us all, if not directly, definitely indirectly.
- Doubling the GST tax credit for the next six months;
- establishing the Canada Dental Benefit for low-income kids under 12;
- permanently eliminating interest on Federal Student Loans and Canada Apprentice Loans;
- lowering credit card transaction fees for small businesses;
- increasing taxes on our banks;
- a $500 top-up to the Canada housing benefit;
- creating a new, quarterly Canada Workers Benefit with automatic advance payments;
- creating the Sustainable Jobs Training Centre to support unions to develop sustainable skills training;
- helping Canadians save on closing costs by doubling the First-Time Home Buyers’ Tax Credit;
- putting into place a multigenerational home renovation tax credit;
- cracking down on house flipping by ensuring that profits from properties held for less than 12 months are fully taxed; and
- helping young Canadians afford a down payment faster with a new $40,000 Tax-Free First Home Savings Account.
The Fall Economic Statement will help people deal with inflation in several ways and at the same time build an economy that works for everyone.
Sharing the above with you is meant to make several points. First, that the Government of Canada is putting forward many policy ideas designed to help. Two, as Canada’s first ever female Minister of Finance we can all take pride in just how focused the Minister of Finance is at getting the job done and at the same time playing such a positive role model for many.
Kevin Lamoureux
Winnipeg North constituency report
Kevin Lamoureux is the Liberal Member of Parliament for Winnipeg North.