Federal Budget 2022

A Plan to Grow Our Economy and Make Life More Affordable

Quick facts

Measures in Budget 2022 to make housing more affordable include:

  • Putting Canada on the path to doubling the construction of new homes in the next decade;
  • Helping Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers’ Tax Credit; and
  • Launching a new Housing Accelerator Fund that will target the creation of 100,000 net new housing units in the next five years.

Measures in Budget 2022 to fight climate change include:

  • More than $3 billion in funding to make zero-emission vehicles more affordable and build a national network of charging stations;
  • Significant new investments to protect our land, lakes, and oceans; and
  • The creation of the Canada Growth Fund to help attract tens of billions of dollars in private capital towards building a net-zero economy by 2050.

Further significant measures in Budget 2022 include:

  • $5.3 billion over five years to provide dental care for Canadians with family incomes of less than $90,000 annually, starting with under 12-years-olds in 2022, expanding to under 18-years-olds, seniors, and persons living with a disability in 2023, and with full implementation by 2025. The program would be restricted to families with an income of less than $90,000 annually, with no co-pays for those under $70,000 annually in income;
  • Up to $3.8 billion to implement Canada’s first Critical Minerals Strategy;
  • $11 billion in additional funding to continue to support Indigenous children and their families, and help Indigenous communities continue to grow and shape their futures;
  • More than $8 billion in new funding to better equip the Canadian Armed Forces, strengthen Canada’s contributions to our core alliances like NATO and NORAD, and reinforce Canada’s cyber security;
  • Further support for Ukraine and its people in the face of Russia’s illegal invasion, including up to $1 billion in new loan resources to the Ukrainian government through a new Administered Account for Ukraine at the International Monetary Fund (IMF), and an additional $500 million in military aid;
  • A temporary Canada Recovery Dividend, representing a one-time 15 per cent tax on the 2021 taxable income above $1 billion of Canada’s largest banking and life insurers’ groups, to help support Canada’s broader recovery; and
  • A permanent 1.5 percentage point increase in the corporate income tax rate of banking and life insurance groups on taxable income above $100 million.

Source: Government of Canada