The Federal government unveiled their budget last week.
myFM spoke with London North Liberal MP Peter Fragiskatos, and Huron-Bruce MP Conservative Ben Lobb about the budget.
This years Budget has gained the nickname the ‘Housing Budget’ because almost a third of it is directed at the rising cost of houses.
The Federal Government introduced a ‘Tax-free First Savings Account’ .
These accounts will combine RRSP’s and TFSA’s, meaning the account would be tax-free and can be withdrawn from without any taxes owing on investment gains.
London North Liberal MP Peter Fragiskatos says this is great for first time home buyers to get their foot in the door.
The Government is also doubling the first-time home buyers’ tax credit to $10,000 which will help first-time home buyers offset some of the costs associated with purchasing a home.
Huron-Bruce Conservative MP Ben Lobb believes the budget should focus of other areas
This year, an extra $8 billion is being spent on defense. The defense budget in 2021 was $32.7 billion (as per the NATO Association of Canada), which brings it up to a total of roughly $40.7 billion this year.
$500 million is being used to aid Ukraine in their fight for democracy.
However, Huron-Bruce Conservative MP Ben Lobb seems to think Canada should be spending more money on our own defense.
London North Liberal MP Peter Fragiskatos commends Ukraine for continuing to fight for their country and freedom.
Recently, the Liberals and NDP formed a partnership, and part of their agreement is to bring affordable dental care to Canadians
This is one of the things Huron-Bruce Conservative MP Ben Lobb was happy to agree about.
The ‘National Dental Care’ plan will cost roughly $1.7 billion a year going forward.
Written by Kyla Close