November 18, 2022

Nov 18, 2022 Fall Economic Statement and Holiday Happenings

Dear Neighbour,

This month, the Deputy Prime Minister and Minister of Finance announced the 2022 Fall Economic Statement (FES). We’re continuing our work building an economy that works for everyone and I wanted to highlight some of the things that I thought would be of particular interest. At the end of this newsletter I’ll also list some holiday events in our neighbourhood.

There’s a lot to unpack about the FES, so let’s dig in.

Eliminating Interest on Canada Student Loans and Canada Apprentice Loans, including those currently being repaid, beginning on April 1, 2023, pending Royal Assent.

Lowering Credit Card Transaction Fees for Small Businesses. We’ll negotiate with the payment card industry and businesses to lower credit card transaction fees for small businesses in a way that won’t negatively affect other businesses and will protect existing reward points for consumers. If we can’t reach a solution with the industry in the coming months, we’ll move forward with these draft legislative amendments to the Payment Card Networks Act in the new year and move forward on regulating credit card transaction fees.

Helping young Canadians afford a downpayment faster with the new Tax-Free First Home Savings Account, letting first-time home buyers save up to $40,000 tax-free toward their first home. Like an RRSP, contributions would be tax-deductible, and withdrawals to purchase a first home, including investment income, would be non-taxable, like a TFSA. Tax-free in; tax-free out. You can expect to be able to open and begin contributing to an account in mid-2023.

A new, refundable Multigenerational Home Renovation Tax Credit to provide up to $7,500 in support of the addition of a secondary suite, to help families caring for an aging parent or grandparent at home, or to help parents to support a child with a disability move back home, starting January 1, 2023.

Investing in Skills for a Net-Zero Economy
Following Budget 2021 investments in skills development, we’re taking action to ensure Canadians have the skills they need to thrive in a changing global economy, including:

Creating the Sustainable Jobs Training Centre bringing workers, unions, employers, and training institutions together to examine the current skills of the labour force, forecast future skills requirements, and develop curriculum, micro-credentials, and on-site learning to help 15,000 workers upgrade or gain new skills for jobs in a low-carbon economy as part of Just Transition work. The Centre would focus on specific areas in high demand, starting with the sustainable battery industry and low-carbon building and retrofits.
Introducing a new sustainable jobs stream under the Union Training and Innovation Program to support union-based training for 20,000 apprentices and journeypersons in the skilled trades. Funded projects through this stream would support unions in leading the development of sustainable skills training for workers in the trades.
Establishing the Sustainable Jobs Secretariat, a one-stop shop that will provide the most up to date information on federal programs, funding, and services across government departments to support workers on the road to sustainable, good-paying jobs.
Launching the Canada Growth Fund, which will help to attract billions of dollars in new private capital to create good-paying jobs and support Canada’s economic transformation, as well as bringing forward two new measures to support the adoption of clean technology across the country.

A New, Quarterly Canada Workers Benefit, a refundable tax credit delivered through tax returns that tops up the income of about 3 million of our lowest-paid workers who currently need to wait until the tax year is over to receive their payments. We’re proposing to provide $4 billion over six years and starting in July 2023 for the 2023 taxation year, will automatically issue advance payments to people who qualified for the benefit in the previous year.

The Canada Workers Benefit would provide up to $1,428 for single workers or up to $2,461 for a family this spring through the existing tax return payment, and then new advance payments for 2023 across three quarterly advance payments starting in July, putting more money in workers’ pockets to help cope with the rising cost of living.

And all of these are in addition to the investments in Canadians we’ve made this year, including:

Doubling the GST tax credit for six months. Singles without children will receive up to an extra $234, couples with two children will receive up to an extra $467, and seniors will receive an extra $225 on average.
Top-Up to the Canada Housing Benefit, delivering a $500 tax free payment to help low-income renters with an adjusted net income below $35,000 for families, or below $20,000 for singles who pay at least 30% of their income towards rent.
Providing dental care for children under 12. Families without dental coverage earning less than $90,000 will receive Canada Dental Benefit payments of up to$650 per year over the next two years.
Cutting childcare fees in half and creating more spaces.
Delivering the Canada Child Benefit, which puts more money in the pockets of nine out of 10 families.
Permanently increasing OAS payments for seniors over 75.

You can read the full 2022 Fall Economic Statement here, and as always my staff and I are available if you have questions.

Holiday Events

Nov 18th-19th: Wanderlust Starting the holiday season in Leslieville, this event takes place this Friday and Saturday. My office (1028 Queen St E) will be hosting an open house on Saturday from 1–5pm, please stop by for some hot cocoa and treats (BYOMug)!

Nov 20th:

A Very Merry Market, 10am–4pm, 310 Danforth Ave ($5, proceeds go to Animal Justice)
Redwood Theatre Annual Christmas Market, 10am–4pm, 1300 Gerrard St E
Holiday Market at the Riverdale Hub, 12–5pm, 1326 Gerrard St E

Nov 26th: Sparkhall Artisans, 10am–5pm, 100 Bain Ave

Nov 27th and Dec 4th: Riverside Holiday Market, 11am–4pm, 657 Queen St E

Dec 4th: