08 Apr 2022 2 min read
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, delivered Budget 2022 - A Plan to Grow Our Economy and Make Life More Affordable (Budget 2022) on April 7, 2022—the first federal budget since the 2021 federal election and the second since the Covid-19 pandemic began. Budget 2022 is influenced by a range of factors, including the Liberal government’s spending promises from the election and new spending promises made through their coalition with the NDP, the need to balance pandemic relief spending, a redoubled focus on addressing climate change, and ongoing global economic uncertainty triggered by the invasion of Ukraine.
National Tax Leader Tara Benham highlights the following measures from Budget 2022 in the video below:
Budget 2022 is centered around three pillars:
The Canadian people
Budget 2022 proposes several measures designed to help stabilize the housing market, address housing supply, and make it easier to save and invest in housing. It also looks to build our workforce by making it easier to attract foreign skilled workers and making child care cheaper and more accessible.
Green transition
Budget 2022 builds on a pattern of past budget measures to make green investment more tax-efficient, to make pollution more costly, and to mandate minimum supply thresholds of zero-emission vehicles while reaffirming the government’s commitment to achieving net-zero by 2050.
Productivity and innovation
Budget 2022 announces two significant new initiatives designed to drive economic growth and innovation.
In addition, Budget 2022 provides significant new spending commitments to National Defense of $8 billion over five years, Indigenous reconciliation of $11 billion over six years, and $5.3 billion over five years for a national dental care program.
Visit the 2022 Federal Budget hub to get the latest information and analysis on this year's federal budget.
Have questions? Contact your local business advisor.
In our second video on what we’re likely to see in the 2022 federal budget, Tara discusses two additional measures: environmental initiatives and wealth tax.
The 2022 federal budget is expected to be introduced in early-April. To address what measures may be included, we’ve developed a two-part video series with our National Tax Leader, Tara Benham.
The federal government is expected to release its budget this spring. In our pre-budget alaysis we summarize what we may expect to see.
