Legislation to make life more affordable and support businesses receives Royal Assent

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the Royal Assent of Bill C-8, An Act to implement certain provisions of the economic and fiscal update tabled in Parliament on December 14, 2021 and other measures.

The passage of Bill C-8 is a critical step to implementing measures from the Economic and Fiscal Update 2021. Key measures adopted in Bill C-8 include:

• Implementing a national, annual 1 per cent tax on the value of non-resident, non-Canadian-owned residential real estate in Canada that is considered to be vacant or underused.
• Expanding the Eligible Educator School Supply Tax Credit so teachers can claim a refundable tax credit worth 25 per cent (up from 15 per cent) of up to $1,000.
• Extending the Northern Residents Deduction to give all Northerners, including those who do not receive travel assistance from their employer, the option to claim up to $1,200 in eligible travel expenses.
• Returning the proceeds from the price on pollution directly to eligible farmers.

The passage of Bill C-8 also allows the federal government to provide further support to Canadians' health, including:

• Up to an additional $1.72 billion for rapid tests to continue keeping Canadians safe.
• A new refundable Small Businesses Air Quality Improvement Tax Credit of 25 per cent of qualifying expenses attributable to ventilation systems and the purchase of air filtration devices, up to $10,000 per location and $50,000 in total.
• Ventilation in schools to protect students, teachers, school staff, and parents from future outbreaks with an investment of up to $100 million to provinces and territories through the Safe Return to Class Fund.
• A further $300 million to provinces and territories to offset the costs of their existing COVID-19 proof of vaccination initiatives.