Yesterday, Bill C-47, the Budget Implementation Act, 2023, received Royal Assent.
This legislation will deliver many of the government’s Budget 2023 commitments. Key measures being implemented through Bill C-47 include:
- Delivering automatic advance payments of the Canada Workers Benefit, starting in July 2023, to provide up to $1,518 total for eligible single workers, and $2,616 total for an eligible family, split between three advance payments and a final payment after filing their 2023 tax return.
- Protecting air passengers’ rights by strengthening the Canadian Transportation Agency, making airlines more accountable for delays, cancellations, and lost baggage, and ensuring that passengers are fairly compensated when their travel is disrupted.
- Cracking down on predatory lending by lowering the criminal rate of interest from the equivalent of 47 per cent annual percentage rate (APR) to 35 per cent, and imposing a cap on payday loans.
- Cracking down on house flipping to make housing more affordable by fully taxing assignment sales, to ensure homes are used for Canadian families to live in, not as a speculative financial asset class.
- Supporting the implementation of the new Canadian Dental Care Plan, which will provide dental coverage for up to nine million Canadians once fully implemented by 2025.
- Increasing certain Registered Education Savings Plan withdrawal limits from $5,000 to $8,000 for full-time students, and from $2,500 to $4,000 for part-time students, to help students cover the cost of post-secondary education.
- Doubling the tradespeople’s tool deduction from a maximum of $500 to $1,000, to help tradespeople invest in the equipment they need to build Canada’s economy.
- Modernizing Canada’s financial sector oversight regime to reinforce Canadians’ confidence that federally regulated financial institutions and their owners act with integrity, and that Canada’s financial institutions are protected, including from threats of foreign interference.
We are delivering on our plan to support the middle class, make life more affordable, and build a brighter future for Canadians from coast to coast to coast.