OTTAWA, March 28 (Reuters) – Here are some of the key government measures and proposals outlined in the 2023-24 budget presented by Finance Minister Chrystia Freeland on Tuesday.
– Grocery rebate
A one-time grocery rebate, providing C$2.5 billion in
targeted inflation relief for 11 million low- and modest-income Canadians and families.
– Dental Care expansion
Proposal to introduce legislation to for a new dental care plan which will provide dental care to uninsured Canadians with family income less than C$90,000 annually.
– Taxing wealthy Canadians
Budget proposes legislative amendments to raise Alternative Minimum Tax (AMT) to 20.5% from 15%. Proposed reforms would also significantly increasing the income level necessary to pay the AMT.
– Right to repair
Government to work toward implementing a right to repair, aimed at making it easier and cheaper to repair home appliance and electronics.
– Standard charging port
Government to explore implementing a standard charging port in Canada for phones, tablets, cameras, laptops and other electronic devices.
– Lower credit card fees
Government has secured commitments from Visa and MasterCard to lower fees for small businesses, while also protecting reward points for consumers offered by Canada’s large banks.
– Clean Electricity Investment Tax Credit
Proposal to introduce a 15% refundable tax credit for eligible investments in non-emitting electricity generation
systems, abated natural gas electricity-fired electricity generation, stationary electricity storage systems, and equipment for the transmission of electricity between provinces and territories.
– Clean Technology Manufacturing Investment Tax Credit
Proposal for a refundable tax credit equal to 30% of the cost of investments in machinery and equipment used to manufacture or process key clean technologies, and extract, process, or recycle certain critical minerals essential to clean technology supply chains.
– Crypto-assets
Canada’s financial regulator will consult financial institutions on guidelines for publicly disclosing their exposure to crypto-assets. Ottawa will also require federally regulated pension funds to disclose their crypto-asset exposures to OSFI.
(Compiled by Ismail Shakil; Editing by Steve Scherer)
((ismail.shakil@tr.com))
Keywords: CANADA BUDGET/HIGHLIGHTS
