From making it illegal for foreigners to buy residential property in Canada for the next two years, to creating a tax-free savings account for first-time buyers, the government wants to complete a series of 2021 Liberal campaigns with 2022 budget commitments.
At a time of significant economic and international instability, Deputy Prime Minister and Secretary of the Treasury Chrystia Freeland seems to have focused heavily on this budget on what the government can do to address the housing crisis, stock shortages and skyrocketing prices.
While it will spend about $ 10 billion over the next five years on the total housing package, the government will also implement new policies aimed at helping to increase inventory and help those who are dramatically superior, including excluding foreign buyers from the market.
The ban on foreign buyers will apply to apartments, flats and houses.  Permanent residents, foreign workers and students will be excluded from this new measure.  Foreigners buying their main residence here in Canada will be excluded.
The policy change will be enacted, giving the government the power to impose sanctions and possible judicial powers to deal with non-compliance, according to a government source.  There is still no cost to this measure of foreign buyers.
Among the many promises focused on housing on the party platform, the Liberals pledged to work with provinces and territories “to better regulate the role of foreign buyers in the Canadian housing market.”
In the budget, the Liberals will also implement a new “Duty Free First Homes Savings Bank” that, if it reflects the promise of the Liberals’ platform, will allow Canadians under the age of 40 to save up to $ 40,000 for their first $ 40,000.
In order to shorten the time it will take to afford a down payment, first-time homebuyers will be able to withdraw this tax-free money to spend on buying a first home, without having to repay it, according to Liberals.  platform.
Also, the big housing section of Thursday’s budget will include:


	$ 4 billion to help municipalities update landscaping and licensing systems to allow for faster housing construction.  		$ 1 billion to build affordable housing.  and  		$ 1.5 billion in loans and financing for co-op housing. 


The $ 4 billion for municipalities appears to be facing one of the housing elements of the Liberal-NDP agreement.  The trust and offer agreement included a commitment to move forward with the “launch of an Housing Acceleration Fund”.
This refers to a liberal platform commitment, which aims to provide incentives for housing construction by reducing bureaucracy and building other digitized systems related to municipal planning, spatial planning and licensing systems.
It remains unclear how many housing units will be created with these cost measures.
“The goal is to keep homes in Canada for Canadians,” a government official told CTV News on a non-performing basis.


$ 8 billion FOR DEFENSE UNDER PRESSURE 
As allied nations continue to face pressure to respond to Russia’s deadly and destructive attacks on Ukraine while strengthening North America’s defense systems, the federal budget is set to include increased defense spending.
CTV News has confirmed that the budget of the Ministry of National Defense will increase, by about $ 8 billion, but will not be allocated in full in a year.
The impetus for a significant increase in defense spending was given an eleventh hour, but not an accounting-warning boost on Wednesday, when the House of Commons approved a Conservative proposal calling on the government to “at least” meet NATO’s spending target.
This forthcoming increase in military spending alone will not satisfy those pushing Canada to meet its NATO commitment to spend 2% of its Gross Domestic Product (GDP) on defense, preparing the Liberals for an interesting political debate. .
To reach 2 percent – Canada spent 1.36 percent of its GDP last year, according to the latest figures – the Parliamentary Budget Officer estimated that the government would have to spend between $ 20 billion and $ 25 billion a year.
It is not the only budget element in which the Liberals are under pressure from other parties.  Freeland’s second budget and the first of the last federal election to send Prime Minister Justin Trinto back to Ottawa with another minority government also had to take into account a number of factors besides campaigning.
From the Conservatives’ focus on rising living costs and recent record high inflation to this new confidence-building deal with the NDP, the Liberals are being asked to spend more while limiting “excessive government spending.”
Among the New Democrats looking for in Freeland: The first phase of a national dental care program.  potentially more money to further develop a national pharmaceutical care program; more funding to address pandemic-related strains in the healthcare system; and further measures on climate change.


REVENUE INCREASE, DEPRECIATION TREATMENT 
In addition to outlining new plans to spend taxpayers’ money, Thursday’s budget will also include measures to boost government revenue.
One way CTV News has learned that this will be done is through an additional tax on financial institutions that have made huge profits during the pandemic.  When asked to share their wealth, the big charter banks and the big insurance companies will see their corporate income taxes increase.  How much more they will have to pay is set out in the budget.
In their 2021 election platform, the Liberals promised to impose an additional 3% tax on banks and insurers earning more than $ 1 billion a year.  The Liberals estimated that the surplus would generate about $ 1.2 billion a year, for a total of $ 3.6 billion over the next three years, which would cover only a fraction of the next new spending.
While the government looks back on the bank’s profits from the pandemic, the COVID-19 crisis is not yet in the mirror.
After the latest federal budget saw the government spend tens of billions trying to boost Canada’s economic reconstruction, this budget comes as the country appears to be in the midst of another rise in cases.
As of the December 2021 budget update, the government had projected a deficit of $ 58.4 billion in 2022-23, decreasing each year thereafter.  Recent economic growth and higher oil prices may help boost the government’s balance sheet, but how much remains to be seen.
Since abandoning their commitment years ago to have deficits of more than $ 10 billion and return to equilibrium by 2019, the Liberals have yet to present a budget that includes a path to that goal.  Instead, they have repeatedly cited Canada’s debt-to-GDP ratio, which measures the size of the deficit relative to the economy, as a key economic indicator.
Asked by reporters in Parliament on Wednesday what measures would be used to determine fiscal responsibility, Trinto said he continued to have declining debt as a percentage of the economy remained a “core” fiscal anchor.
Trinto said the budget “will focus on doing the things Canada needs, investing in Canadians, supporting people with the cost of living, and staying financially responsible and building the future.”
With files from CTV National News Ottawa Bureau chief Joyce Napier and CTV’s Question Period and CTV News Channel Power Play presenter Evan Solomon 
Getting in touch
What do you want to know about the budget?  Email [email protected]


	Include your name, location, and contact information if you would like to speak to a CTV News reporter.  		Your comments can be used in a CTVNews.ca story.

title: “Federal Budget 2022 New Housing Defence Spending " ShowToc: true date: “2022-11-18” author: “Mary Sobina”

From making it illegal for foreigners to buy residential property in Canada for the next two years, to creating a tax-free savings account for first-time buyers, the government wants to complete a series of 2021 Liberal campaigns with 2022 budget commitments.
At a time of significant economic and international instability, Deputy Prime Minister and Secretary of the Treasury Chrystia Freeland seems to have focused heavily on this budget on what the government can do to address the housing crisis, stock shortages and skyrocketing prices.
While it will spend about $ 10 billion over the next five years on the total housing package, the government will also implement new policies aimed at helping to increase inventory and help those who are dramatically superior, including excluding foreign buyers from the market.
The ban on foreign buyers will apply to apartments, flats and houses.  Permanent residents, foreign workers and students will be excluded from this new measure.  Foreigners buying their main residence here in Canada will be excluded.
The policy change will be enacted, giving the government the power to impose sanctions and possible judicial powers to deal with non-compliance, according to a government source.  There is still no cost to this measure of foreign buyers.
Among the many promises focused on housing on the party platform, the Liberals pledged to work with provinces and territories “to better regulate the role of foreign buyers in the Canadian housing market.”
In the budget, the Liberals will also implement a new “Duty Free First Homes Savings Bank” that, if it reflects the promise of the Liberals’ platform, will allow Canadians under the age of 40 to save up to $ 40,000 for their first $ 40,000.
In order to shorten the time it will take to afford a down payment, first-time homebuyers will be able to withdraw this tax-free money to spend on buying a first home, without having to repay it, according to Liberals.  platform.
Also, the big housing section of Thursday’s budget will include:


	$ 4 billion to help municipalities update landscaping and licensing systems to allow for faster housing construction.  		$ 1 billion to build affordable housing.  and  		$ 1.5 billion in loans and financing for co-op housing. 


The $ 4 billion for municipalities appears to be facing one of the housing elements of the Liberal-NDP agreement.  The trust and offer agreement included a commitment to move forward with the “launch of an Housing Acceleration Fund”.
This refers to a liberal platform commitment, which aims to provide incentives for housing construction by reducing bureaucracy and building other digitized systems related to municipal planning, spatial planning and licensing systems.
It remains unclear how many housing units will be created with these cost measures.
“The goal is to keep homes in Canada for Canadians,” a government official told CTV News on a non-performing basis.


$ 8 billion FOR DEFENSE UNDER PRESSURE 
As allied nations continue to face pressure to respond to Russia’s deadly and destructive attacks on Ukraine while strengthening North America’s defense systems, the federal budget is set to include increased defense spending.
CTV News has confirmed that the budget of the Ministry of National Defense will increase, by about $ 8 billion, but will not be allocated in full in a year.
The impetus for a significant increase in defense spending was given an eleventh hour, but not an accounting-warning boost on Wednesday, when the House of Commons approved a Conservative proposal calling on the government to “at least” meet NATO’s spending target.
This forthcoming increase in military spending alone will not satisfy those pushing Canada to meet its NATO commitment to spend 2% of its Gross Domestic Product (GDP) on defense, preparing the Liberals for an interesting political debate. .
To reach 2 percent – Canada spent 1.36 percent of its GDP last year, according to the latest figures – the Parliamentary Budget Officer estimated that the government would have to spend between $ 20 billion and $ 25 billion a year.
It is not the only budget element in which the Liberals are under pressure from other parties.  Freeland’s second budget and the first of the last federal election to send Prime Minister Justin Trinto back to Ottawa with another minority government also had to take into account a number of factors besides campaigning.
From the Conservatives’ focus on rising living costs and recent record high inflation to this new confidence-building deal with the NDP, the Liberals are being asked to spend more while limiting “excessive government spending.”
Among the New Democrats looking for in Freeland: The first phase of a national dental care program.  potentially more money to further develop a national pharmaceutical care program; more funding to address pandemic-related strains in the healthcare system; and further measures on climate change.


REVENUE INCREASE, DEPRECIATION TREATMENT 
In addition to outlining new plans to spend taxpayers’ money, Thursday’s budget will also include measures to boost government revenue.
One way CTV News has learned that this will be done is through an additional tax on financial institutions that have made huge profits during the pandemic.  When asked to share their wealth, the big charter banks and the big insurance companies will see their corporate income taxes increase.  How much more they will have to pay is set out in the budget.
In their 2021 election platform, the Liberals promised to impose an additional 3% tax on banks and insurers earning more than $ 1 billion a year.  The Liberals estimated that the surplus would generate about $ 1.2 billion a year, for a total of $ 3.6 billion over the next three years, which would cover only a fraction of the next new spending.
While the government looks back on the bank’s profits from the pandemic, the COVID-19 crisis is not yet in the mirror.
After the latest federal budget saw the government spend tens of billions trying to boost Canada’s economic reconstruction, this budget comes as the country appears to be in the midst of another rise in cases.
As of the December 2021 budget update, the government had projected a deficit of $ 58.4 billion in 2022-23, decreasing each year thereafter.  Recent economic growth and higher oil prices may help boost the government’s balance sheet, but how much remains to be seen.
Since abandoning their commitment years ago to have deficits of more than $ 10 billion and return to equilibrium by 2019, the Liberals have yet to present a budget that includes a path to that goal.  Instead, they have repeatedly cited Canada’s debt-to-GDP ratio, which measures the size of the deficit relative to the economy, as a key economic indicator.
Asked by reporters in Parliament on Wednesday what measures would be used to determine fiscal responsibility, Trinto said he continued to have declining debt as a percentage of the economy remained a “core” fiscal anchor.
Trinto said the budget “will focus on doing the things Canada needs, investing in Canadians, supporting people with the cost of living, and staying financially responsible and building the future.”
With files from CTV National News Ottawa Bureau chief Joyce Napier and CTV’s Question Period and CTV News Channel Power Play presenter Evan Solomon 
Getting in touch
What do you want to know about the budget?  Email [email protected]bellmedia.ca.


	Include your name, location, and contact information if you would like to speak to a CTV News reporter.  		Your comments can be used in a CTVNews.ca story.