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Archived - Budget 2022 
A Plan to Grow Our Economy and Make Life More Affordable

The Government of Canada’s plan for targeted and responsible investments to create jobs and prosperity today, and build a stronger economic future for all Canadians.

Highlights

Housing

We are putting Canada on a path to double housing construction over the next decade. Building more housing will require investments, but it will also require changes to the systems that are preventing more housing from being built.

  • Budget 2022 proposes to provide $4 billion over five years, starting in 2022-23, to launch a new Housing Accelerator Fund that is flexible to the needs and realities of cities and communities, while providing them support such as an annual per-door incentive or up-front funding for investments in municipal housing planning and delivery processes that will speed up housing development.
  • To ensure that more affordable housing can be built quickly, Budget 2022 proposes to provide $1.5 billion over two years, starting in 2022-23, to extend the Rapid Housing Initiative. This new funding is expected to create at least 6,000 new affordable housing units, with at least 25 per cent of funding going towards women-focused housing projects.
  • Budget 2022 proposes to introduce a Multigenerational Home Renovation Tax Credit, which would provide up to $7,500 in support for constructing a secondary suite for a senior or an adult with a disability, starting in 2023.

Climate

Budget 2022 proposes a number of measures to reduce emissions from transportation by making zero-emission vehicles more affordable for Canadians and Canadian businesses:

  • $1.7 billion over five years to extend the Incentives for Zero-Emission Vehicles program until March 2025 to help more Canadians get behind the wheel of zero-emission vehicles.
  • $547.5 million over four years to launch a new purchase incentive program for medium- and heavy-duty ZEVs to help businesses upgrade their fleets.
  • Funding to build a national network of electric vehicle charging stations.

Jobs and Growth

  • Budget 2022 proposes to introduce a Labour Mobility Deduction, which would provide tax recognition on up to $4,000 per year in eligible travel and temporary relocation expenses to eligible tradespersons and apprentices. This measure would apply to the 2022 and subsequent taxation years.
  • Budget 2022 proposes to provide $84.2 million over four years to double funding for the Union Training and Innovation Program, which would each year help 3,500 apprentices from underrepresented groups—including women, newcomers, persons with disabilities, Indigenous peoples, and Black and racialized Canadians—begin and succeed in careers in the skilled trades through mentorship, career services, and job-matching.

Affordability

Making life more affordable is one of the government’s primary goals in Budget 2022. Budget 2022 includes measures that will help bring down the cost of living that include:

  • $5.3 billion to provide dental care for Canadians with family incomes of less than $90,000 annually, starting with under 12 years-olds in 2022, expanding to under 18 years-olds, seniors and persons living with a disability in 2023, with full implementation by 2025.
  • Doubling support provided through the First Time Home Buyers’ Tax Credit from $750 to $1,500.
  • Introducing a Multigenerational Home Renovation Tax Credit, which provides up to $7,500 in support for constructing a secondary suite.
  • $475 million in 2022-23 to provide a one-time, $500 payment to those facing housing affordability challenge.

Jobs and Growth in Canada

Measures

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Budget 2022 Address

"Canada has a proud tradition of fiscal responsibility. It is my duty to maintain it—and I will. So now is the time for us to focus—with smart investments and a clarity of purpose—on growing our economy and on making life more affordable for Canadians."

The Honourable Chrystia Freeland, P.C., M.P.
Deputy Prime Minister and Minister of Finance
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