Federal Budget Puts Focus on Housing Affordability, Dental Care

We are living in a changing world with a lot of uncertainty. Everything from Russia’s invasion of Ukraine to high inflation rates and the high cost of living to climate challenges adds to the uncertainty. While keeping that uncertainty in mind, the government has come up with a federal budget that focuses on housing affordability and dental care.

Even beforere the COVID-19 pandemic, Canada was dealing with affordability challenges, and now the federal government hopes to provide some relief. The budget doesn’t offer relief for things like rising prices of groceries or gas. It focuses on plans that will help tackle affordability challenges long-term.

Tackling the Challenge of Housing Affordability

The federal budget was announced only a few hours after the 2022 budget was delivered. It includes $475 million for a one-time direct payment of $500 for Canadians facing challenges with housing affordability. The details of the same are yet to be announced.

Explaining the focus on housing affordability, Deputy Prime Minister and Minister of Finance Chrystia Freeland stated, “Over the next ten years, we will double the number of new homes we build. This must become a great national effort, and it will demand a new spirit of collaboration, provinces and territories, cities and towns, the private sector, and non-profits all working together with us to build the homes that Canadians need.”

Focus on Dental Care

The focus of the budget is also on dental care. A dental care program for kids of or under 12 will be launched this year. It will be for families with an annual income of $70,000 or less than that amount. This program might be expanded to all children below 18, seniors, or people living with a disability by 2023. It might also see full implementation by 2025 with specific limitations.

Defense Spending Plans

According to the budget, defense spending will increase by $6.1 billion over five years. Military aid worth $500 million is provided to Ukraine. $1 billion in loans is offered to the government of Ukraine.

Spending for Climate Action

2021 was not a good year for many parts of Canada as the climate crisis deepened. Floods, wildfires, and extreme temperatures were things people had to deal with. Budget 2022 highlights are continuing plans to fight climate change and protect the environment by providing some “new incentives for developing clean technologies and carbon capture, utilization, and storage.”

It also contains plans to invest over $3 billion to make zero-emission vehicles more affordable and build more charging stations.

Chasing Net Zero Economy

The Canadian Growth Fund has also been introduced. It is a new program to “help attract tens of billions of dollars in private capital towards building a net-zero economy by 2050.” The Liberals hope the fund will help the country meet its economic policy goals to reduce emissions, diversify the economy, and “support the restructuring of critical supply chains in areas important to Canada’s future prosperity.”

What are your thoughts on the Federal budget? Let us know in the comments below.





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