Factbox: Canada budget 2023-24: key measures and proposals
OTTAWA, March 28 (Reuters) - Here are some of the key government measures and proposals outlined in the 2023-24 budget presented by Finance Minister Chrystia Freeland on Tuesday. read more
- Grocery rebate
A one-time grocery rebate, providing C$2.5 billion in
targeted inflation relief for 11 million low- and modest-income Canadians and families.
- Dental Care expansion
Proposal to introduce legislation to for a new dental care plan which will provide dental care to uninsured Canadians with family income less than C$90,000 annually.
- Taxing wealthy Canadians
Budget proposes legislative amendments to raise Alternative Minimum Tax (AMT) to 20.5% from 15%. Proposed reforms would also significantly increasing the income level necessary to pay the AMT.
- Right to repair
Government to work toward implementing a right to repair, aimed at making it easier and cheaper to repair home appliance and electronics.
- Standard charging port
Government to explore implementing a standard charging port in Canada for phones, tablets, cameras, laptops and other electronic devices.
- Lower credit card fees
Government has secured commitments from Visa (V.N) and MasterCard (MA.N) to lower fees for small businesses, while also protecting reward points for consumers offered by Canada's large banks.
- Clean Electricity Investment Tax Credit
Proposal to introduce a 15% refundable tax credit for eligible investments in non-emitting electricity generation
systems, abated natural gas electricity-fired electricity generation, stationary electricity storage systems, and equipment for the transmission of electricity between provinces and territories.
- Clean Technology Manufacturing Investment Tax Credit
Proposal for a refundable tax credit equal to 30% of the cost of investments in machinery and equipment used to manufacture or process key clean technologies, and extract, process, or recycle certain critical minerals essential to clean technology supply chains.
Canada's financial regulator will consult financial institutions on guidelines for publicly disclosing their exposure to crypto-assets. Ottawa will also require federally regulated pension funds to disclose their crypto-asset exposures to OSFI.
(Compiled by Ismail Shakil; Editing by Steve Scherer)
Keywords: CANADA BUDGET/HIGHLIGHTS
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