5 Ways The Feds Want To Make Life More Affordable For Canadians This Fall
This could mean big savings on everything from student loans to housing.💰
Prime Minister Justin Trudeau. Right: Deputy Prime Minister Chrystia Freeland.
If you're looking for ways to save money in Canada, there's some good news ahead. The federal government has released its Fall Economic Statement for 2022 and it's full of changes that will apparently make life more affordable.
In an effort to address high inflation and rising interest rates in Canada, the Liberal government has proposed several measures that will "help Canadians with the cost of living" and "build a Canada where nobody gets left behind."
Here's a look at some of the measures the feds have recently put forward, including scrapping interest on student loans and helping out with housing:
Ending interest on student loans
The Canadian government is planning to end all interest on student loans in Canada starting April 1, 2023.
This still needs Royal Assent from the governor general, but would include loans that are also currently being paid back.
This would mean the average student borrower in 2023 will be able to save as much as $410 per year.
It could be a big economic relief for anyone who has taken, or is planning to take out, a huge loan for their education.
Doubling the GST Tax Credit
The GST Tax credit has been doubled for six months. This means that if you received a GST credit in October 2022, you can expect to see another payment on November 4.
Some Canadians could see up to $467 extra dollars depending on their marital status and if they have children.
The Canada Dental Benefit
Introduced in September, the Canada Dental Benefit is the first step in a wider plan to bring dental care to Canadians.
With this benefit, eligible parents or guardians with children under 12 will receive tax-free payments to cover dental expenses up to $1,300 per child — or $650 per year.
If approved, it's expected to come into effect on December 1, 2022, but will cover expenses from October 1, 2022, onwards.
A top-up of the Canada Housing Benefit
The Canada Housing Benefit was introduced to help lower-income Canadians better afford rent.
And now the federal government has proposed a cash injection to this benefit.
Once it's approved, low-income renters struggling with the cost of housing could get a one-time $500 payment to help pay for their living expenses.
A new quarterly Canada Workers Benefit
And finally, changes could also be also coming to the Canada Workers Benefit (CWB).
In the past, the refundable tax credit has delivered through annual tax returns.
However, the feds have laid out plans for payments to be issued on a quarterly basis.
So, rather than waiting all year for that money, you could see it hit your bank account throughout the year instead.
On top of these benefits and funds, the Canadian government also announced a $300 million fund to help those affected by Hurricane Fiona over the next two years.
It has said it will also be investing in employment, with a new Sustainable Jobs Training Centre to train workers for a “low-carbon economy."
Hopefully with these investments, you can find yourself a bit more money in the coming year.