Senate passes bill to ban foreign buyers of Canadian homes

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Senate passes bill to ban foreign buyers of Canadian homes

The Senate on Thursday passed a two-year ban on foreign buyers of Canadian homes, and a measure that allows it to seize and dispose of assets sanctioned by Russia's invasion of Ukraine.

Bill C -- 19, passed the Senate 56 -- 16 will now become law with royal ascent, a formality.

Here are some of the measures covered in the budget bill:

Foreigners won't be allowed to invest in Canadian housing for two years.

The Canadian government will be allowed to seize and dispose of the assets of people and entities sanctioned by Russia because of Russia's invasion of Ukraine in order to support Ukraine.

A luxury tax on the sale of new luxury cars and aircraft with a retail sale price over C $100,000 $76,964 is a luxury tax on the sale of new luxury cars and aircraft. 52 and on new boats or yachts over C $250,000.

Up to C $750 million in transit funding is being given to provinces and territories in an effort to improve housing supply and affordability.

A reduction in corporate and small business income tax rates for businesses with zero emissions technologies and expanding the existing tax incentive for business investments in clean energy equipment are two things that are going to be reintroduced by half of the general corporate and small business income tax rates.

More support to provinces and territories to deal with the Pandemic-induced backlog of surgeries and medical procedures is provided by a C $2 billion top-up to the existing Canada Health Transfer.

The federally regulated private sector is expected to have 10 days of paid medical leave by December 1, 2022.

Strengthening the ability to select permanent residents from the Express Entry System to match Canada's economic and labor force needs.

Competition commissioners to be given more investigative powers, the definition of anticompetitive conduct to be expanded.