The 2019 federal budget has been released and the federal government is targeting investment in the middle class through many of the programs it is introducing. The expenditures in the budget aim to help young Canadians in gaining skills and purchasing homes. The total spending under the 2019 budget totals to $22.8 billion dollars. Here are some of the main areas the government will be targeting with the 2019 budget.
The government is introducing the Canada Training Benefit to help Canadians upgrade their skills in order to become more valuable to employers and competitive in today’s workforce. The Canada Training Benefit will allow for Canadians to receive a credit of $250 a year up to a lifetime maximum of $5000 which can be used against half the amount of training. The government is also dedicating a portion of the budget to helping young Canadians secure stable employment. The budget proposes to invest $49.5 million dollars over five years towards a modern Youth Employment Strategy. The government is also investing in the Canada Summer Jobs program as well as the Futurpreneur Canada program in order to assist future entrepreneurs and help students gain experience.
The First Time Home Buyers Incentive will allow eligible home buyers to finance a portion of their mortgage through the Canadian Mortgage Housing Corporation(CMHC) in order to reduce the amount of payments for their mortgage. The government is also increasing the Home Buyers’ Plan withdrawal limit from 25,000 to 35,000. The budget has also proposed to invest 300 million towards building new homes.
The budget is proposing to invest $35 million dollars over four years toward a “Canadian Drug Agency” in order to reduce spending on drugs. There will also be an investment of $1 billion over two years for increasing accessibility to high-cost drugs for rare diseases. These initiatives will assist in decreasing the burden Canadians face in paying for expensive drugs.
Seniors and Pension
The government is also introducing initiatives that will benefit seniors in retirement. The government plans to proactively enroll Canadians that are age 70 or over to receive benefits if they have not yet enrolled for benefits but are eligible to receive them. The budget will also enhance the Guaranteed Income Supplement(GIS) earnings exemptions to assist seniors with low income.
The Federal budget for 2019 promises to build a more secure future for young Canadians by targeting the areas which they are affected by significantly. Increased housing and initiatives to help home-buyers purchase their home and providing financing for greater employment will significantly help young Canadians. For more information on the 2019 budget, you can visit the government of Canada site.