Canadian Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland walk with the 2023-24 budget at Parliament House on March 28, 2023 in Ottawa, Ontario, Canada.REUTERS/Patrick Doyle/File Photo Obtaining license rights
OTTAWA, Nov. 21 (Reuters) – Below are some of the commitments made by the Canadian government in its Fall Economic Statement released on Tuesday.
*Investing an additional C$15 billion in new loan funds starting in 2025-2026 for the Apartment Construction Loan Program, bringing total loan funds to more than C$40 billion. This investment will support an additional 30,000 new homes, bringing the total to over 101,000 new homes by 2031-32.
*Invest an additional C$1 billion in the Affordable Housing Fund over three years from 2025 to 2026. This investment will help nonprofit, co-op, and public housing providers build more than 7,000 new homes by 2028.
* Help remove barriers to domestic labor movement, including by leveraging federal transfer and other funding, and encourage states and others to eliminate red tape that impedes worker movement, particularly in the construction, health care, and child care sectors. Encourage the Territories.
*States and localities that prohibit short-term rentals deny income tax deductions for expenses incurred to earn short-term rental income, including interest. Income tax credits will also be denied if the short-term rental operator does not comply with applicable state or local licensing, permitting, and registration requirements.
* Proposed to spend CAD 50 million over three years from 2024 to 2025 to support local governments to strengthen regulations on short-term rentals.
*Introducing the new Canadian Mortgage Charter. It outlines how financial institutions should work to provide appropriate relief for borrowers and ensure payments are reasonable.
*Canada’s Radio-television and Telecommunications Commission will conduct a rapid review of international mobile roaming charges and will provide updated information and concrete next steps in 2024.
*Work with Transport Canada to ensure that airlines seat all children under the age of 14 next to an accompanying adult at no additional charge.
* Consider eliminating rules that restrict Canadian pension funds from owning more than 30% of the voting shares of most companies. It also proposes requiring large federally regulated pension plans to disclose their investment allocations to the Office of the Superintendent of Financial Institutions, both by jurisdiction and asset type by jurisdiction.
*Start purchasing up to C$30 billion of Canadian mortgage bonds as early as February 2024
(Reporting by Steve Scherer and David Ljunggren)
(steve.scherer@thomsonreuters.com; +1-647-480-7889)
Keywords: Canadian Budget/Fact Box
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