Listen Live
Listen Live

Budget 2022 tackles housing affordability, promises declining deficit year over year

Housing affordability is a major cornerstone of today’s federal budget. To tackle the out-priced housing market the feds will set aside $10 billion over five years.

The plan includes setting up tax-free savings accounts for first-time homebuyers.

It will also make it illegal for foreign nationals to buy up inventory. That’s in order to free up inventory in the tight housing market.

As part of the housing affordability plan, municipalities will be able to access $4 billion over five years to build new housing.

To help people facing housing affordability issues the government is proposing a one-time $500 payment. No specific details were given as to when that would be available.

Also included in today’s budget is $8 billion in defence spending over five years.

In order to pay for some of these new programs, the government will levy a 16.5-percent corporate income tax on the country’s big banks and insurers which have seen record profits during the pandemic. That’s up from the current 15-percent.

Over $5 billion is earmarked, also over five years, for universal dental care which will begin this year for children under 12, but there is no mention of pharmacare in this budget.

As part of Budget 2022, there is $4.3 billion earmarked over seven years to improve Indigenous housing across the country. There is already $20 billion set aside for the First Nations Child and Family Services once a settlement agreement is reached. Of that, $2 billion will be used for the needs of Indigenous children. Over seven years government spending on improving Indigenous housing will be $6.3 billion.

In order to tackle climate change, the federal budget proposes $3 billion to make zero-emission vehicles more affordable for Canadians and incentives for the development of clean technologies as well as carbon capture and storage to reduce emissions.

The country’s deficit is expected to be $113 billion in 2021-22, that’s down from the prior estimate of $144 billion and is projected to decline year over year to $8.4 billion in 2026-2027.

In total, the budget proposes $60 billion in new spending.  Finance Minister and Deputy Prime Minister Chrystia Freeland say this is a modest budget and deficits have to be reduced, particularly the deficit created by pandemic spending.  Freeland says it must and will be paid down.

The budget is expected to pass easily after the Liberals and NDP entered into an agreement that will see the NDP vote to prop up the minority Liberals.

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Continue Reading

cjci Now playing play

cirx Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

City Council approves budget to replace damaged garbage truck

Prince George City Council has voted to replace a garbage truck in the city. At last night's (Monday) meeting, City Council approved a budget of $750,000 for the purchase.  According to Director of Civic Operations Blake McIntosh, this will replace a garbage truck damaged in a motor vehicle incident in May last year. 

PG RCMP investigating two assaults resulting in one dead in downtown area

The Prince George RCMP is looking for witnesses for a pair of assaults on July 4th.

Cops for Cancer Tour de North hosting training ride in honour of former member

The Cops for Cancer Tour de North team will be holding a scheduled group ride on Sunday morning, their first without Shane Kelly after passing during a hit and run in PG last week. The ride will begin just after 8am from the overflow parking lot of the PG Aquatic Centre on 18th Avenue. The public is encouraged to arrive for the send off 15 minutes earlier (7:45 AM).

B.C. expands heat pump rebates to some renters, condo owners

British Columbia is expanding its heat pump rebate program to eligible apartment renters and condo owners. 

UNBC’s Athletic Director representing PG at World University Summer Games

125 varsity athletes from across Canada are dawning the Maple Leaf for almost two weeks as they participate in the FISU World University Summer Games in Germany starting tomorrow (Wednesday). The athletes will compete in nine sports: archery, artistic gymnastics, athletics, badminton, rhythmic gymnastics, rowing, swimming, table tennis and taekwondo.
- Advertisement -