http://www.canadian-accountant.com/content/practice/more-bite-than-bark
Update important changes Dec 15,2022
https://www.canada.ca/en/department-finance/news/2022/12/legislation-to-make-life-more-affordable-and-build-an-economy-that-works-for-everyone-receives-royal-assent.html
News release
December 15, 2022 - Ottawa, Ontario - Department of Finance Canada
Today, Bill C-32, the Fall Economic Statement Implementation Act, 2022, received Royal Assent. With the passage of this legislation, the government is delivering on key measures from the 2022 Fall Economic Statement to help families cope with increasing costs, make housing more affordable, and strengthen and build a thriving net-zero economy with opportunities and good jobs for Canadians.
Key measures adopted in Bill C-32 to make life more affordable include:
Permanently eliminating interest on Canada Student Loans and Canada Apprentice Loans to reduce the burden of student loans on young Canadians.
Cutting taxes for Canada’s growing small businesses from 15 per cent to 9 per cent by more gradually phasing out their access to the small business tax rate.
Requiring Canada’s largest financial institutions to pay their fair share by implementing the Canada Recovery Dividend, a one-time, 15 per cent tax on taxable income above $1 billion of banking and life insurer groups.
Bill C-32 also delivers key components of the government’s plan to make housing more affordable by:
Helping young Canadians afford a down payment faster with the new Tax-Free First Home Savings Account, which will allow prospective first-time home buyers to save up to $40,000 tax-free toward their first home starting in mid-2023
Helping Canadians save on closing costs by doubling the First-Time Home Buyers’ Tax Credit to provide up to $1,500 in direct support to home buyers, starting in 2022, to offset increasing closing costs involved in buying a first home.
Helping families afford to have a grandparent or a family member with a disability move back in if they want to with a new, refundable Multigenerational Home Renovation Tax Credit of up to $7,500, starting January 1, 2023.
Cracking down on house flipping by ensuring that profits from flipping properties held for less than 12 months are fully taxed, starting in 2023, with certain exceptions for unexpected life events (e.g. death, divorce).
And, Bill C-32 invests in jobs, growth, and an economy that works for everyone by:
Supporting the launch of the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy, and create good jobs at the same time.
Securing Canada’s competitiveness by introducing a new 30 per cent Critical Mineral Exploration Tax Credit for specified mineral exploration expenses incurred in Canada.
Eliminating flow-through shares for fossil fuel sector activities by no longer allowing oil, gas, and coal exploration and development expenditures to be renounced to a flow-through share investor.
Let's not forget bare trust reporting, and the huge penalty burden that will be to all that have a intrust account.
With an aging and retiring population, healthcare expenses in Canada are estimated to increase far faster than revenues.
Provinces are demanding more financial support from the Federal Government to increase its share of provincial-territorial healthcare costs from 22% to 35% to $28 billion annually. They also demand increased Canada Health Transfer (CHT) payments without stipulations, arguing they’re best placed to determine how to allocate any new funding.
Here is a sober thought. Imagine that Canada and the Provinces couldn't continue borrowing more each year. What would we do? Would we let health care collapse under increased demands, or would we make bold moves?
I would look at the following:
1)Do we have too many handlers handling healthcare?
The chart I have attached is an eye-soar. It also indicates how much we spend on our Federal and Provincial bureaucracy and whether 13 Provinces and Territories, each managing their own healthcare, makes sense.
2)Is Healthcare becoming the panacea for winning votes?
Healthcare is a growing tension point with voters. Governments promise more - pharmacare, dental care, mental health care, long-term care and primary care to ease the friction.
3)Are we focusing on accountability and efficiencies?
Are we obsessed with getting more health care for less or accepting less healthcare with more? Are our major infrastructure projects being delivered on time and to budget?
4)Should we consider a hybrid model where the wealthy can access private healthcare but, in doing so, benefit all others?
5)Should we reallocate our budgets? If universal healthcare is priority one and continues to cost more, and we can't borrow more, what will we give up?
6)Should we pay more taxes?
7)Should we have a quota system? Units of healthcare to be valued and invested wisely?
8)What role can technology and AI play in the home and virtual diagnostics to streamline only those patients who genuinely need access to healthcare?
9)What role can the pharmacy play as the neighbourhood hub for diagnostics and administration of primary healthcare?
My belief: Proactive versus reactive. We must assume that we will run out of borrowing capacity. In doing so, we free our minds to solve the growing demand for healthcare by putting the patient at the centre and driving efficiencies and bold thinking from the stethoscope back.
I have a podcast where I chat with inspirational people. If you want to hear a fantastic interview and ideas on how to save our healthcare system, my chat with Alika Lafontaine, President of the Canadian Medical Association, is worth a listen:
https://lnkd.in/grWp4q8S
#chatterthatmatters #canada #healthcare #newyear2023 #health