The 2022 Budget also proposes extending the Medical Expense Tax Credit to various fertility procedures, including surrogacy-related expenses and fertility clinic fees.īorrowing by Defined Benefit Pension Plans Again, there are no details on whether individuals covered by employment-based plans or other private insurance will be included. It will then have the Canadian Drug Agency develop a national formulary of essential medicines and a bulk purchasing plan. In terms of prescription drugs, the government intends to table a Canada Pharmacare Bill, which it hopes to have passed by the end of 2023.
The 2022 Budget is silent on whether families already covered by private insurance will be included. Only families with incomes less than $90,000 will be eligible. Next year, it will expand to include all minors, seniors and individuals with disabilities, and will expand to all Canadians in 2025. The program will begin by covering children under 12. The Government has promised to introduce public dental care through an initial investment of $5.3 billion over five years and $1.7 billion each year thereafter. In particular, the 2022 Budget aims to extend temporary support for seasonal workers until October 2023 and broaden eligibility and the types of interventions funded under the Labour Market Development Agreements with the provinces and territories. The 2022 Budget also commits to amending the Employment Insurance Act to cover more workers, and to incentivize employers to re-train their workers.
#Federal government budget 2022 code#
In addition, the Government plans to amend the Canada Labour Code to provide a leave of absence for federally regulated workers who suffer a miscarriage or stillbirth.Īmendments to the Employment Insurance Act Support for Federally Regulated Workers Experiencing a Miscarriage or Stillbirth The maximum eligible amount for expenses will be capped at 50% of the worker’s employment income from construction activities at the particular work location in the year.įinally, individuals may claim expenses in a tax year before or after the year they were incurred if they were not deductible in a prior year.
To qualify as an “eligible temporary relocation”: Such measures will apply to the 2022 and subsequent taxation years. The Labour Mobility Deduction would allow certain skilled tradespeople and apprentices to deduct up to $4,000 per year in travel and temporary relocation expenses. In terms of tax relief, the 2022 Budget proposes to introduce a Labour Mobility Deduction. The Government has also committed to working with unions to develop sustainable jobs for a low-carbon future. From a policy perspective, the 2022 Budget also provides $2.5 million to launch a union-led advisory table that will guide the government on supporting mid-career workers in at-risk sectors transition to new industries. The first initiative is purely financial - it plans to double funding for the Union Training and Innovation Program to $84 million over four years, which would finance 3,500 apprenticeships in the Red Seal Trades each year. The 2022 Budget introduces several initiatives to support training in the skilled trades.
Support for Training in the Skilled Trades
Of particular interest to unions and pension and benefit plan administrators are announcements concerning public dental and pharmacare programs, the loosening of borrowing rules for defined benefit pension plans, and new disclosure obligations with respect to climate change. On April 7, 2022, Finance Minister Chrystia Freeland tabled the federal government’s (the “ Government“) 2022 budget (the “ 2022 Budget“), entitled “A Plan to Grow Our Economy and Make Life More Affordable”.
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