On the housing file, the budget says financial institutions can start offering the Tax-Free First Home Savings Account to Canadians starting on April 1, 2023. The measures include: increasing the student loan limit from $210 to $300 a week increasing student grants by 40 per cent ĭivorced parents will now be allowed to open up joint RESPs and mature students aged 22 and older will no longer have to undergo credit screening when applying for first-time student grants and loans. The budget also offers about $814 million in 2023-24 to help students starting their academic year on Aug. From groceries to booze, payday loans to plane tickets - here's what the budget means for your wallet.Budget 2023 offers billions for dental care, plus spending cuts and tax hikes to tame deficit.It says this measure will save eligible small businesses in Canada approximately $1 billion over five years. The government is also using the budget to announce that it has negotiated a 27 per cent reduction in the interchange fees Visa and Mastercard charge small businesses. The measures are meant to take the sting out of the cost of living as rising interest rates and inflation hammer family budgets.Ĭhief among them is the so-called "grocery rebate," a one-time hike to the GST rebate which will provide up to $467 for families, $234 for singles and up to $255 for seniors, at a cost of $2.5 billion. The federal government is rolling out a number of small measures to help Canadians that amount to about $3.3 billion in new spending since the fall economic update. Debt-to-GDP ratio will rise slightly over next 2 years. Higher than expected deficits projected for next 5 years.Deficit for 2022-23 expected to be $43B, higher than projected in the fall.Creation of new agency to combat foreign interference.$158 million over three years for a suicide prevention hotline, launching Nov.$359 million over five years for programs addressing the opioid crisis.$4B over seven years for an Indigenous housing strategy.$20B over six years for tax credits to promote investment in green technologies.$13B over five years to implement dental care plan for families earning less than $90K.Doubling of GST rebate extended for lower income Canadians, up to $467 for a family.3 main priorities: health care/dental, affordability and clean economy.$43B in net new spending over six years.Here is a list of some of the more significant funding initiatives in Budget 2023. It also offers targeted funding for students, workers, science and defence. The 2023 federal budget is proposing spending to make life more affordable, encourage investments in green energy, provide improved health-care services and roll out the next stage of the federal dental care program.
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