Skip to Main Content
Richardson Wealth
Richardson Wealth
Careers
Contact Us
Search
MyRichardsonWealth
En | Fr
 
You
Wealth advice
Us
Find your team
News
MyRichardsonWealth
En | Fr
You
Wealth advice
Us
Find your team
News
Careers
Contact Us
Search

Federal budget 2022

“A plan to grow our economy and make life more affordable”


On April 7, 2022, Finance Minister Chrystia Freeland released the Liberal Government’s federal budget. Budget 2022 is focused on measures intended to assist Canadians with affordability (particularly when it comes to housing, child care, and health care), with some measures on climate action and investing in innovation and productivity.

Read the full report here.

Measures to support housing affordability

  • New Tax-Free First Home Savings Account
  • New Multi-generational Home Renovation Tax Credit
  • New Residential Property Flipping Rule
  • Increase the existing Home Buyers’ Tax Credit and Home Accessibility Tax Credit
  • Proposal to prohibit foreign acquisitions of residential homes for 2 years

Support for low-income families

  • One-time $500 payment for those facing housing affordability issues
  • $5.3 billion for National Dental Care program in cooperation with the NDP

Increase taxes on banks and insurance companies

  • One time 15% tax on 2021 income above $1 billion (Canada Recovery Dividend)
  • Increase corporate income tax by 1.5% on taxable income above $100 million

Support for small to mid-size businesses

  • Extend the range to which the reduction on the Small Business Deduction Limit applies

Good News

Budget 2022 does not propose changes to personal income tax rates and brackets, the capital gains inclusion rate of 50% or corporate income tax rates (except for certain banks and insurance companies.)



 
Read the full report here.

Buying a home
Buying a home is likely one of the biggest financial decisions you’ll ever make.
Read more.
Podcast
Video Library
MyRichardsonWealth
Find an Advisor
IIROC
IIROC Advisor Report
Member of the Canadian Investor Protection Fund
Disclosures
Privacy Agreement
Legal Notice
Careers
Accessibility Policy
Media Relations
James Richardson & Sons, Limited
RF Capital Group
Site Map

LinkedIn  Youtube  Twitter  Facebook