2022 Tax Changes – Taking Aim at Canada's Housing Crisis?

The 2022 federal Budget is also introducing billions in new spending and taking aim at housing affordability. The aim of this Federal Budget is to make the Canadian Housing Market more affordable. In this video I’ll cover if these new measures can really cool off Canada’s Hot Housing market.

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0:00 Federal Budget 2022
1:05 New Rules / Taxes – Canadian Housing Market
7:19 National Dental Care
8:30 New Taxes on Major Businesses
9:39 Climate Change
10:25 My Reaction – Federal Budget 2022

The federal government is proposing more than $10 billion in new spending on housing-related initiatives, much of it aimed at increasing supply when it comes to the Canadian Housing Market. According to report from the Bank of Nova Scotia, among the G7 Nations, Canada has the lowest supply of homes on a populated adjusted basis

According to the report, just Ontario’s Housing Market would need an additional 1.2 million new homes to catchup. This makes sense considering the current state of the GTA Housing market and the overbidding on every sale

The government has announced it will ban foreign investors from buying homes in Canada for two years, in a bid to cool off a hot housing market. Budget 2022 proposes restrictions that would prohibit foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada for a period of two years. Will this ban lead to a housing market crash or at least calm Canada’s housing market?

A tax-free First Home Savings Account will allow Canadians under 40 to save up to $40,000 towards their first home, and to withdraw it tax-free to put towards their first home purchase, with no requirement to repay it. Combining the features of both an RRSP and a TFSA, this plan would allow young Canadians to set aside 100% of every dollar they earn up to $40,000 and shorten the time it takes to afford a down payment

The Home Buyers Tax Credit and the Home Accessibility Tax Credit also received updates. The government also introduced a new tax credit call the Multigenerational Home Renovation tax credit for families wishing to add a secondary unit to their home

Budget 2022 also proposes a new rest of rules that will make sure profits from flipping residential properties are subject to full tax. Profits from selling residential property including rental properties that were owned for less than 12 months would be treated as business income

There is also a National Dental Care program in the works, the Canada Recovery Dividend and expanding tax incentives to help tackle Climate all introduced in this new Federal Budget

Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence!
#CanadianHousingMarket #FederalBudget #HousingCrisis