Finance Minister Chrystia Freeland is set to table a federal budget in the House of Commons on Tuesday afternoon, which a federal source says will include plans to go after predatory lending and more details on dental care as part of a pitch to make life more affordable.
The government official, who was granted anonymity to discuss matters that will not be public until the budget is released, said the federal Liberals intend to amend the Criminal Code to lower the amount of interest legally allowed to be charged.
The move grows out of consultations announced in the 2021 budget, which did not address payday loans directly. The source said Tuesday's budget will propose consultations on narrowing the exemptions to the criminal interest rate when it comes to payday loans. The deal means the NDP agreed to support the minority Liberal government through key votes until 2025 -- including on federal budgets -- in exchange for movement on shared priorities.
Lower-income Canadians can expect another cash benefit to help them pay their bills, while companies looking to mine critical minerals, make batteries and electric vehicles or produce clean electricity will see a host of measures to incentivize investment in their projects. As The Canadian Press first reported last week, the budget will also outline the federal government's plan to work with regulatory agencies to go after hidden or unexpected surcharges tacked on to the prices of goods and services.The Fall Economic Statement in November began Canada's attempt to respond to the Inflation Reduction Act in the United States.
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