Federal budget delivered with grocery rebate, dental plan, and more
Deputy Prime Minister and Minister of Finance Chrystia Freeland delivered the federal budget today.
The budget will provide a grocery rebate. 11 million Canadians will be eligible for the rebate. It will total $467 for eligible couples with children; an extra $234 for single Canadians without children; and an extra $225 for seniors, on average.
Action is also being taken on hidden junk fees and predatory lending. There will also be lower credit card transaction fees for small businesses.
On the health care side, $198.3 billion has been allocated to reduce backlogs, expand access to family health services, and ensure provinces and territories can provide health care. There is also a new dental care plan. By the end of 2023, a dental care plan will be rolled out that will benefit up to nine million Canadians.
Lower-income earners will be able to avail of automatic tax filing.
Education will be more affordable. Canada Student Grants and raising the interest-free Canada Student Loan limit will be implemented.
A new tax-free first home savings account will be created to help Canadians purchase their first home. This would come into effect on April 1, 2023.
The budget also focuses on cleaner and more affordable energy, supports investment in our communities and the creation of good-paying jobs, and ensures that Canadian workers are able to produce and provide the goods and resources that Canadians and our allies need.
Canada will maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7.
The deficit is $43 billion.
The NDP has announced that they will support the budget. NDP leader Jagmeet Singh said it was the NDP who is responsible for some of the measures in the budget. Singh said, "we secured a victory for you and your family by forcing Justin Trudeau's hand. Up to $1700 to help cover dental care and groceries."
The Conservative party will not support the budget. In a statement, Conservative leader Pierre Poilievre said, "his budget is a $43 billion bonanza of debt, taxes & inflation."