(Photo: Tim Durkin)
OTTAWA – Wednesday’s federal budget is dedicating $11.2 billion to cities and provinces for affordable housing over the coming decade as part of the second wave of the government’s infrastructure program.
Of that money, which comes from the government’s social infrastructure fund, $5 billion will be to encourage housing providers to pool their resources with private partners, and to allow the Canada Mortgage and Housing Corporation to provide more direct loans to cities.
The details are among many laid out in the budget, which details how the government plans to spend the $81 billion it is making available between now and 2028 to address Canada’s future infrastructure needs.
The Liberals clearly see a need to attract private investors to help pay for infrastructure projects, including affordable housing, given the federal government’s tight fiscal position.
A proposed new infrastructure bank would use public dollars to leverage private investment in three key areas; trade corridors, green infrastructure, and public transit.
The government is setting aside $15 billion in cash for the bank, with spending set to start as early as the next fiscal year on projects based on budget projections.
The Liberals are checking off many of their remaining promises to veterans in the federal budget, but have left one big priority marked incomplete; giving injured ex-soldiers pensions for life.
Finance Minister Bill Morneau’s new fiscal plan calls for $725 million in additional benefits for injured veterans and their families over five years, which will be doled out in a variety of ways.
Those include financial support to veterans who want to go back to school or need help looking for a civilian job, and expanded benefits for family members or others who care for disabled ex-soldiers.
But the big question for many veterans will be how the government plans to make good on its promise to bring back life-long pensions for those injured in the line of duty.
Hastings Lennox and Addington MP Mike Bossio. (File photo: Nicole Kleinsteuber / Quinte News)
The Liberal MP for Hastings-Lennox and Addington says he’s pleased with the $2 billion for rural investment in the new federal budget.
Mike Bossio told Quinte News it helps to focus on the unique rural challenges.
Bossio also pointed to the $7 billion in spending over 10 years for Canadian families, including 40,000 new subsidized daycare spaces across Canada by 2019, extended parental leave and allowing expectant mothers to claim maternity benefits 12 weeks before their due date. He said this will make a big difference in the lives of many families.
Ryan Williams and Mary Doyle of QuinteVation (File Photo: Tim Durkin/ Quinte News)
$400 million over three years through the Business Development Bank of Canada for a “venture capital catalyst initiative” to make more venture capital available to Canadian entrepreneurs.
The Bay of Quinte group encouraging “start-up” businesses is pleased with a section of the new federal budget supporting venture capitalism.
Ryan Williams of Quintevation, Start-Up Bay of Quinte, says First Stone Venture Capital of Prince Edward County was able to establish almost 15 companies in the County, with the help of the federal government, through FedDev.
RYAN VENTURE CAPITQL
Williams says he’d like to see more of these ventures in the Quinte region.
Mayor of Quinte West, Jim Harrison.(File photo/Quinte News).
The public transit tax credit, which allows the cost of transit passes to be deducted, is being eliminated effective July 1.
The mayor of Quinte West is pleased to see a number of social issues in the federal government budget handed down Wednesday.
Mayor Jim Harrison says he was glad to see more support for affordable housing and increased support for child care costs.
Mayor Harrison was disappointed regarding the government’s move on transit.
QW HARRISON
In regard to infrastructure funding, Mayor Harrison told Quinte News his city was never as successful as it would like to be in getting the money it needs, but “it keeps trying.”
Highlights from the 2017 federal budget tabled Wednesday by Finance Minister Bill Morneau;
Employment insurance premiums are going up five cents to $1.68 per every $100 of insurable earnings, up from $1.63 the maximum allowable increase under the Employment Insurance Act.
The deficit is at $23 billion, down from $25.1 billion in the last fiscal update, and is projected to reach $28.5 billion for 2017-18 including a $3 billion contingency fund before declining to $18.8 billion in 2021-22.
The 71-year-old Canada Savings Bond program, first established in 1946, is no longer cost effective and is being phased out.
Higher taxes on alcohol and tobacco products; the excise duty rate on cigarettes goes up to $21.56 per carton of smokes from $21.03, while the rates on alcohol are going up two per cent. Both will be adjusted every April 1 starting next year, based on the consumer price index.
The public transit tax credit, which allows the cost of transit passes to be deducted, is being eliminated effective July 1.
The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years as part of the second wave of the government’s infrastructure program, $5 billion of which is to encourage housing providers to pool their resources with private partners to pay for new projects.
An “innovation and skills plan” to foster high-tech growth in six sectors; advanced manufacturing, agri-food, clean technology, digital industries, health/bio-sciences and clean resources
$523.9 million over five years to prevent tax evasion and improve tax compliance, including more auditors, a crackdown on high-risk avoidance cases and better investigative efforts.
$7 billion in spending over 10 years for Canadian families, including 40,000 new subsidized daycare spaces across Canada by 2019, extended parental leave and allowing expectant mothers to claim maternity benefits 12 weeks before their due date.
$2.7 billion over six years for labour market transfer agreements with the provinces and territories to modernize training and job supports, to help those looking for work to upgrade skills, gain experience, start a business or get employment counselling.
A national database of all housing properties in Canada, known as the Housing Statistics Framework, to track details on purchases, sales, demographics and financing, as well as foreign ownership.
A comprehensive spending review of “at least three federal departments,” to be named later, to eliminate waste and inefficiencies, as well as a three-year review of federal assets and an audit of existing innovation and clean-tech programs.
$59.8 million over four years, beginning in 2018-19, to make student loans and grants more readily available for part-time students, and $107.4 million over the same period for assist students with dependent children.
$287.2 million over three years, starting in 2018-19, for a pilot project to facilitate adult-student access to student loans and grants.
$225 million over four years, starting in 2018-19, for a new organization to support skills development and measurement.
$395.5 million over three years for the youth employment strategy.
(The Canadian Press)
