the Government of Canada introduced Bill C-47, the Budget Implementation Act. This central piece of legislation proposes to implement many of the government’s key commitments in Budget 2023.

In Bill C-47, the government is continuing to help make life more affordable for Canadians. The Bill includes a suite of measures to help make life more affordable for Canadians by: advancing the new Canadian Dental Care Plan, cracking down on predatory lending and house flipping, providing more support for students, strengthening the Canada Workers Benefit, and doubling the tradespeople’s tool deduction.

• 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. In 2023, coverage will start with uninsured Canadians under 18, persons with disabilities, and seniors who have an annual family income of less than $90,000. There will be no co-pays for those with an annual family income under $70,000.
• 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 by taxing assignment sales, to ensure homes are used for Canadian families to live in, not as a speculative financial asset class.
• 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 pursuing their dreams.
• Delivering automatic advance payments of the Canada Workers Benefit, starting in July 2023, which will provide up to $714 total for single workers, and $1,231 total for a family, split between three advance payments.
• Doubling the tradespeople’s tool deduction from a maximum of $500 to $1,000, to help tradespeople to invest in the equipment they need to build Canada’s clean economy.

Click here to learn more.