Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the Royal Assent of Bill C-8, An Act to implement certain provisions of the economic and fiscal update tabled in Parliament on December 14, 2021 and other measures.
The passage of Bill C-8 is a critical step to implementing measures from the Economic and Fiscal Update 2021. Key measures adopted in Bill C-8 include:
- Implementing a national, annual 1 per cent tax on the value of non-resident, non-Canadian-owned residential real estate in Canada that is considered to be vacant or underused.
- Expanding the Eligible Educator School Supply Tax Credit so teachers can claim a refundable tax credit worth 25 per cent (up from 15 per cent) of up to $1,000.
- Extending the Northern Residents Deduction to give all Northerners, including those who do not receive travel assistance from their employer, the option to claim up to $1,200 in eligible travel expenses.
- Returning the proceeds from the price on pollution directly to eligible farmers.
The passage of Bill C-8 also allows the federal government to provide further support to Canadians’ health, including:
- Up to an additional $1.72 billion for rapid tests to continue keeping Canadians safe.
- A new refundable Small Businesses Air Quality Improvement Tax Credit of 25 per cent of qualifying expenses attributable to ventilation systems and the purchase of air filtration devices, up to $10,000 per location and $50,000 in total.
- Ventilation in schools to protect students, teachers, school staff, and parents from future outbreaks with an investment of up to $100 million to provinces and territories through the Safe Return to Class Fund.
- A further $300 million to provinces and territories to offset the costs of their existing COVID-19 proof of vaccination initiatives.
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“With the passage of this important legislation, our government continues to make life more affordable for Canadians, ensure houses are used as homes, and ensure businesses have the support they need to make their operations safer for their employees and patrons. We are also providing further support to provinces and territories to continue protecting the health of Canadians. The passage of this legislation will directly help the pocketbooks of many Canadians, including teachers, farmers, and Northern residents.”