MILTON, ON, April 12, 2022 /CNW/ – By Budget 2022: A plan to grow our economy and make life more affordablethe government of Canada makes targeted and responsible investments to create good jobs, grow our economy and build a Canada where no one is left behind.
Today, Families, Children and Social Development Minister Karina Gould met with business owners to discuss how lowering taxes for small businesses will help them grow, hire more workers and make life more affordable.
from Canada the economy has recovered 112% of the jobs lost at the start of the pandemic. Canada entered the pandemic with the lowest net debt-to-GDP ratio of any G7 country, an advantage that has since grown relative to other countries. Canada had the best jobs recovery in the G7, and since then March 2022recovered 115% of the jobs lost at the height of the pandemic, with an unemployment rate that sits at just 5.3%, the lowest rate on record since 1976.
Although our unemployment rate is near record lows, some businesses are still struggling to find workers. A strong and prosperous economy requires a diverse, talented and constantly growing workforce.
Budget 2022 puts in place important measures that will meet the needs of our workers, our businesses and the Canadian economy so that it can continue to strengthen for years to come. These measures include steps to build more resilient supply chains and to reduce taxes for from Canada growing small businesses. They will also create new, well-paying jobs for Canadians; helping more people join the middle class; And put Canada become an economic leader for decades to come.
With the 2022 budget, Canada maintain this leadership position and maintain its fiscally responsible approach to economic growth and building an economy that benefits everyone. Crucially, it maintains the government’s fiscal anchor – a lower debt-to-GDP ratio and reduced COVID-19-related deficits, which will ensure that from Canada finances, remain viable in the long term.
“Budget 2022 is about growing our economy, creating good jobs and building a Canada where no one is left behind. Our plan is responsible and thoughtful, and it will mean more homes and better-paying jobs for Canadians; cleaner air and cleaner water for our children; and a stronger, more resilient economy for years to come.”
– Deputy Prime Minister and Minister of Finance, Chrystia Freeland
“Reducing taxes for growing small businesses and removing barriers to finding meaningful, well-paying work will make life more affordable for Canadians and ensure Canada continues to be a thriving place to live, work and raise a family.”
– Minister of Family, Children and Social Development, Karine Gould
Budget 2022 proposes to introduce a labor mobility deduction, which would provide tax recognition for up to $4,000 per year in eligible travel and temporary relocation expenses for eligible tradespersons and apprentices. This measure would apply to the 2022 and subsequent taxation years.
Budget 2022 proposes to provide $84.2 million over four years to double funding for the Labor Education and Innovation Program, which would help 3,500 apprentices each year from underrepresented groups, including women, newcomers, people with disabilities, Indigenous peoples and Black and racialized, start and succeed in a career in the skilled trades through mentoring, career counseling and job matching.
Budget 2022 proposes to phase out access to the small business tax rate, with access to be eliminated entirely when taxable capital reaches $50 millionrather than $15 million.
The Budget 2022 small business tax reduction would apply to tax years beginning on or after April 7, 2022.
Other important measures in Budget 2022 include:
$5.3 billion over five years to provide dental care to Canadians whose family income is less than $90,000 annually, beginning with under-12s in 2022, expanding to under-18s, seniors, and persons with disabilities in 2023, and with full implementation by 2025. The program would be limited to families whose income is less than $90,000 annually, without co-payment for those under $70,000 annually in income;
Until $3.8 billion to implement from Canada first critical minerals strategy;
$11 billion additional funding to continue to support Indigenous children and their families and help Indigenous communities continue to grow and shape their future;
More … than $8 billion new funds to better equip the Canadian Armed Forces, strengthen from Canada contributions to our core alliances like NATO and NORAD, and to strengthen from Canada cyber security;
Additional support for Ukraine and its people against Russia unlawful invasion, including up to $1 billion new lending resources to the Ukrainian government through a new administered account for Ukraine to the International Monetary Fund (IMF) and another $500 million in military aid;
A temporary Canada Recovery Dividend, representing a one-time tax of 15% on 2021 taxable income above $1 billion of from Canada large banking and life insurance groups, to help support from Canada wider recovery; and
A permanent 1.5 percentage point increase in the corporate tax rate of banking and life insurance groups on taxable income above $100 million.
SOURCE Employment and Social Development Canada
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