Canada's Senate passes Trudeau budget, bans foreign home buyers

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Canada's Senate passes Trudeau budget, bans foreign home buyers

OTTAWA Reuters - Canada's Senate on Thursday passed the budget of Prime Minister Justin Trudeau, as well as a two-year ban on foreign home buyers and the power to confiscate and sell assets seized in response to Russia's invasion of Ukraine.

The 450-sheet Bill C-19 passed the upper chamber 56 -- to-16 without any changes, and will become law after Royal Ascent, a formality.

The legislation would change the country's tax laws, criminal code and immigration rules in addition to the housing measures. Budget spending is less expansive than the previous two years, even though inflation spikes.

It lists over a dozen changes to the country's income tax laws, which were described by the Senate's finance committee as highly technical and hard for Canadians, including tax experts, to understand. The committee recommended that the government conduct a study on the impact of a proposal to introduce a luxury tax on the sale of new luxury cars, aircraft and boats. The tax will hurt them and could result in job losses, according to industry bodies.