![]() In addition, Budget 2022 includes a new Canada Water Agency to protect freshwater, tax credits for carbon capture, investments in clean energy including small modular reactors, and funding for wildfire control. Sales mandates for zero emissions vehicles are to be put in place, supported by continuing incentives for buyers and a national network of charging stations. The Government also signaled its intention to modernize both the SR&ED research tax incentive program and the Competition Act (Canada).Īs with previous budgets, the Government has increased funding for green initiatives. To increase productivity, in addition to expected improvements in workforce participation by women due to the implementation of affordable childcare, the Government is looking at creating a new Innovation and Investment Agency and investing in programs targeted at mining critical minerals, resource development supply chains, and benefits-sharing arrangements with Indigenous communities. The Government will also review the use of housing as an asset class by large investors and will institute a two-year prohibition on foreign commercial enterprises acquiring non-recreational residential properties. On the housing front, a new housing accelerator fund and targeted investments in new home building, new rental units, and affordable housing combine with increased funding to existing programs for more than $10 billion in additional spending over the next five years. In addition to the tax measures discussed in more depth below, the Government is looking to make investments on what it sees as key issues confronting Canada in the next five years. ![]() Budget 2022, presented by Deputy Prime Minister and Minister of Finance Chrystia Freeland, focused on housing, productivity, and the environment. The 2022 Federal Budget (Budget 2022) tabled on Ap(Budget Day) sets its sights on moving on from COVID measures to building the Canada that follows.
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