2 budget changes that could change your budget
Author: Sound Choices
March 20, 2019
The content in the article below is meant for Canadian investors only.
Personal finance highlights from the 2019 Federal Budget
Yesterday, the federal government released its 2019 budget. The government’s projected annual deficit is forecast to be $19.9 billion for the 2019-2020 fiscal year, up from $14.9 billion for the current fiscal year. Total debt will represent 30.7% of the country’s GDP.*
Here are two items that could have an impact on your financial plan.
First-time home buyers:
Two key incentives:
- Increasing the Home Buyer’s Plan withdrawal amount to $35,000 ($70,000 for couples) (effective after March 19, 2019).
- Creating the CMHC First-Time Home Buyer Incentive
(expected to be operational by Sept. 2019).
Canada Training Benefit
Two key components:
- Canada Training Credit to help with the cost of training fees
(effective Jan. 1, 2019).
- EI Training Support Benefit to provide income support (expected late 2020).
To find out more, read the 2019 Federal Budget summary from the Knowledge Bureau and to understand how these may impact your finances, contact your financial advisor.
*Source: Investing in the Middle Class: Budget 2019. https://www.budget.gc.ca/2019/home-accueil-en.html
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