Toronto/CMEDIA: Canada’s Finance Minister Chrystia Freeland has warned Canadians that Tuesday’s budget will offer limited cost-of-living relief to the vulnerable and promote investements in green energy to address the U.S. Inflation Reduction Act, and targeted relief for those struggling with inflation and high interest rates.
This move is due to the cost of food continues to rise year over year despite the fact that overall inflation has been easing for months now.
“Tomorrow…we’re bringing forward a budget that is focused on affordability and supporting Canadians… and creating great jobs for the middle class in a clean and growing economy. Those are the focuses that we’ve been laser focused on over the past many years,” Trudeau said in the House of Commons on Monday, fresh off of U.S. President Joe Biden’s visit, where the green economy was a central piece of discussion.
Canada’s clear focus on the clean transition comes in part out of a need for these sectors to remain competitive in the face of the U.S. Inflation Reduction Act, which offers billions of dollars in energy incentives south of the border.
The budget also is expected to expand the national dental care plan for children under age 12 and for low-income families and individuals.
There would be ancrease in the limit on what students can withdraw from their registered education savings plan (RESP) for post-secondary education.
There is no withdrawal limit on post secondary education (PSE), as these are contributions made by the subscriber.
The budget is also expected to offset the impact of U.S. President Joe Biden’s Inflation Reduction Act, that will draw green capital to the U.S. at the expense of Canada and other countries, Finance Canada officials have reoirtedlt said
The budget is also expected to offer more detail on the Clean Hydrogen Tax Credit and the Clean Tech Investment Tax Credit.
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