Budget 2019 proposed the new Canada Mortgage and Housing Corporation (CMHC) first-time home buyer incentive, which is a shared equity mortgage that would give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC. Funding of 5% of the home purchase price would be available, enhanced to 10% if the home is newly constructed.
The HBP allows first-time home buyers to withdraw amounts from their RRSP to buy or build a home. Budget 2019 proposed to increase the HBP withdrawal limit to $35,000 from $25,000. As the HBP is available to each individual, a couple could access up to $70,000 to assist in a first-time home purchase.
When the Federal Government released its Fall Economic Update on November 21, 2018 it primarily focused on changes to the first year of depreciation on most capital assets.
The CPP is beening enhanced. This means that both employees and employers are required to contribute more, but, retirement, survivor, and disability pensions will also increase.
On March 19, 2019 the Honourable Bill Morneau, Minister of Finance, presented the 2019 Federal Budget, Investing in the Middle Class, to the House of Commons. No changes were made to personal or corporate tax rates, nor to the inclusion rate on taxable capital gains.
Recently, the Office of the Privacy Commissioner of Canada, provided details in respect of the new mandatory reporting requirements where breaches of security safeguards have occurred.