Last week, the Deputy Prime Minister and Minister of Finance presented Budget 2022 in the House of Commons, outlining our plan to invest in three main things: people; economic growth; and a clean future for everyone. Through these targeted investments, we will help make life more affordable, create jobs, and build a stronger economic future for Oakville residents and all Canadians.
Over the last two years, Canadians have seen the cost of living rise due to the COVID-19 recession, snarled supply chains, and global inflation. Through Budget 2022, we are investing a total of $10 billion in housing affordability to make it easier for young Canadians to buy a home. We will introduce the Tax-Free First Home Savings Account that will give first-time home buyers the ability to save up to $40,000, and make the market fairer for Canadians by curbing unfair practices that drive up the price of housing.
Small and medium-sized businesses are at the heart of our economy and our community. Budget 2022 will phase out access to the small business tax rate more gradually, with access to be fully phased out when taxable capital reaches $50 million, rather than at $15 million. This will allow more medium-sized businesses to benefit from the reduced rate, delivering an estimated $660 million in tax savings.
Investing in nature is one of the most critical actions we can take to combat climate change. Through Budget 2022, we are providing $19.6 million to sustain the Freshwater Action Plan, and investing $55 million over five years to support the Trans Canada Trail. The Fresh Water Action Plan helps support clean-up efforts of the Great Lakes, ensuring that our Oakville waterfront is clean and accessible.
Budget 2022 will also invest in Zero-Emission Vehicles (ZEVs) and ZEV infrastructure to ensure Canadians have access to affordable electric vehicles that will help us reach our climate goals. We are making the switch easier and more affordable for all Canadians by investing $500 million in large-scale urban and commercial ZEV infrastructure and providing $1.7 billion to extend the Incentives for Zero-Emissions Vehicles (iZEV).
In my role as Minister of National Defence, I am pleased to note that Budget 2022 will invest $8 billion in new, additional defence spending to protect and defend Canada and our collective global security, including $500 million now to provide more military aid for Ukraine.
Read Budget 2022 in full here: https://budget.gc.ca/2022/home-accueil-en.html.
