The 2022 Federal Budget was released on Thursday, April 7. While it focused on a national dental care plan, affordable housing and foreign defense as the war in Ukraine remains a government priority, there are a few items of note for the development services sector.
We are pleased to see $272.6 million (over five years) going towards the implementation of an employment strategy for people who have a disability. Of this: $20 million will specifically go to Ready, Willing and Able.
For people and families, there was little to support daily housing needs, however, the budget did introduce a Multigenerational Home Renovation Tax Credit, which would provide up to $7,500 in support for constructing a secondary suite for a senior or an adult with a disability. Additionally, the budget proposed to double the Home Accessibility Tax Credit. This means that a tax credit of up to $3,000 (up from $1,500) can be claimed for accessibility renovations such as:
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- The purchase and installation of wheelchair ramps, walk-in bathtubs, and wheel-in showers;
- Widening doorways and hallways to allow for the passage of a wheelchair or walker;
- Building a bedroom or a bathroom to permit first-floor occupancy; and
- Installing non-slip flooring to help avoid falls.
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When it comes to federally governed charities, a few changes are in the works. The budget is introducing a new graduated disbursement quota rate. Specifically, for assets over $1 million, the disbursement quota will increase from 3.5 % to 5 %.
The budget also included a note about amending the Income Tax Act to allow charities to provide resources to organizations that are not qualified donees, assuming the charity meets certain requirements designed to ensure accountability. This could significantly broaden the list of groups to which charities can award funds.
PooranLaw will continue to monitor legal implications and progress related to the 2022 budget. In the meantime, if you require legal assistance, we encourage you to reach out to your regular PooranLaw lawyer, or any member of our team.
Note: This article provides general information only and does not constitute, and should not be relied upon as, legal advice or opinion. PooranLaw Professional Corporation holds the copyright to this article and the article and its contents may not be copied or reproduced in any form, in whole or in part, without the express permission of PooranLaw Professional Corporation.
