The federal budget has brought in a few measures to ease cost of living pressures, but they are targeted ones and not wide-sweeping.
Finance Minister Francois-Philippe Champagne delivered his $142.1-billion budget Thursday evening touting initiatives that he says will help to ensure that Canadians are “masters” of their “own destiny.”
The Canada Groceries and Essentials Benefit will feature another one-time top-up – about $680 for a family of four, on top of the four quarterly payments.
The caregivers tax credit will provide another $1,000 annually for people who have to step back from work to care for a family member.
The federal government is pledging to end homelessness within ten years with billions to be spent on new homes, the creation of more supportive and transitional housing, and new mental health and addictions facilities.
Food banks will get $124-million over the next three years to help purchase food.
(VOCM News)
The Canada Strong Pass will be extended for another year, with entry to national museums free for anyone under the age of 25.
Canadians can now carry RRSPs for life instead of having to convert them by age 71.
The tax filing deadline moves back to May 15 from April 30, giving Canadians an extra couple of weeks.
There is more mortgage flexibility for first-time home owners who build with an amortization of forty years.
Immigration levels will be the same as the past two years – 380,000 permanent residents and 370,000 temporary residents.
More money is being spent to support Canadian artists, performers, musicians, and journalists – artistic earnings of up to $45,000 will now be exempted from income tax.
(Stephenville Dome/Facebook)
Up to $1.5-billion is being made available to refurbish hockey rinks and arenas.
More “stable and predictable” funding is being made available to support northern and Indigenous communities.
Winter training excercises (via the Canadian Armed Forces)
Defence is another pillar of this year’s budget, with more money to build the local defence industry.
Referencing the recent tragedy at CFB Wainwright, $25 million will be provided to support the families of victims and those who are injured and recovering, in addition to $3 million for the Wainwright Military Family Resource Centre.
Some of the highlights from the 2026 federal budget (according to the federal government):
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- It puts Canada on a path to end homelessness in 10 years, in coordination with municipalities, provinces, and territories.
- It enhances the Canada Groceries and Essentials Benefit with a 2027 Supplement and expands Nutrition North Canada to lower the cost of food for Canadians.
- It makes the Canada Caregiver Credit fully refundable, helps Canadians get a better deal on their mortgage, and cuts monthly energy bills by supporting 1 million energy-efficient home retrofits.
- It takes major steps to tackle long-term pressures by building more homes, strengthening competition across the economy, and recruiting and training the workers Canada needs for the future.
On sovereignty:
- It includes initiatives to support Canadian arts, culture, heritage and journalism through a flagship Canada 160
- Fund, a renewed Canada Strong Pass, permanently free admission to national museums for children and youth under 25, and $1.5 billion to expand, retrofit and rehabilitate ice rinks and recreational facilities across the country.
- It protects Canada’s natural wealth through the Nature Strategy and advances reconciliation with Indigenous Peoples through more than $50 billion in investments.
- It strengthens our sovereignty and defence capabilities, supports our Canadian Armed Forces members and their families, and helps ensure Canadians feel safe in their communities, at home, and online.
