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Budget 2022: 4 things that will affect your pocketbook

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The federal government’s 280-page 2022 budget document outlined a couple of measures to help with the cost of living for Canadians.

There was little in the budget to tamp down on rampant inflation — the Consumer Price Index rose 5.7 per cent in February, to the highest levels in more than 30 years — and the federal government did try to set expectations that prices would come back under control in a few years’ time. Read more: Inflation action and help for renters — Here’s what’s missing from Budget 2022 There were, however, a few items in the budget that could see some relief come to Canadians’ pocketbooks in the not-too-distant future.

The 2022 budget set aside $475 million for a round of one-time, direct payments of $500 to Canadians facing “housing affordability challenges.” Read more: 60% of Canadians worry about feeding their families amid inflation, poll shows The feds said the exact mechanism, timeframe and eligibility requirements are yet to be determined, but that the payment should come in the next fiscal year.

Also on the housing front, the feds unveiled plans for a new Tax Free First Home Savings Account in the budget, allowing prospective homeowners to save up to $40,000 for a down payment.

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