Also: The Liberals have shut down hearings into the SNC-Lavalin affair
Federal budget 2019: Here’s a closer look at what the Liberal government unveiledThe Liberals have delivered a budget that ignores earlier promises to run short-term deficits, instead putting $22.8-billionthat affect key voters ahead of the fall federal election. Among the moves: Easing student debt; new money for skills training; funds to settle Indigenous land claims; and seniors’ assistance.
The key change is a three-year program of zero-interest loans for first-time home buyers, with purchases limited to just below $480,000. Those with annual household incomes of $120,000 or less will be eligible to get loans of up to 10 per cent of the purchase price of newly built homes and 5 per cent of existing homes. The loans will be repayable when the mortgage is repaid.
Additionally, Parkinson says, the move doubles down on the economy’s biggest risk: record-high levels of household debt. First-time buyers will also be able to withdraw up to $35,000 from registered retirement savings plans to put toward a home purchase, an increase from the existing $25,000 limit. Rob Carrick is
on the zero-interest loans plan, but cautions against the Home Buyers’ Plan, saying it “encourages young people who are smart enough to start saving for retirement to undo that good work so they can buy a house.” About 40,000 people age 70 or older aren’t enrolled in the Canada Pension Plan, so the Liberals are proposing to proactively enroll all eligible seniors.
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