Canada recently unveiled its annual budget for 2023, which establishes the spending priorities for the ensuing fiscal year and will have an impact on all facets of life for both citizens and newcomers. The budget outlines Canada’s spending intentions as well as the priorities of the executive branch. Additionally, it represents the nation’s financial and economic stability, which is crucial to Canada’s immigration policy. The most recent budget places a focus on healthcare, clean energy, and measures that are affordable for Canadians who are feeling the pressure from rising inflation.

Highlights of Canadian Budget 2023:

• The Canadian budget has an impact on the nation’s immigration policy, which is crucial for immigrants. More money has been set aside in the most recent budget to support the existing immigration programmes and speed up the application process. It includes $55 million more in spending for the immigration system. The IRCC plans to spend an additional $4.5 billion during the fiscal year 2023–2024.

• The budget suggests giving the IRCC and the Royal Canadian Mounted Police (RCMP) $10 million over five years, beginning this year, with $14.6 million left over for amortization. As a result, the processing of citizenship applications will go more quickly.

• Additionally, it is suggested in this budget that travellers from low-risk nations be made eligible for the Electronic Travel Authorization programme. The cost of the measure, according to the government, is $50.8 million spread over four years. The goal of the federal government is to establish Canada as a top travel destination.

• Also included in the budget for 2023 are measures that will affect both Canadians and immigrants, such as the establishment of a tax-free home savings account and a national dental care programme for households earning under $90,000.

• Financial institutions will be able to offer these accounts starting in April, giving first-time home buyers the chance to save up to $40,000 by funding up to $8,000 annually. Furthermore, the government gave $171.4 million over a three-year period in support of Ukrainians. Participants in the CUAET may travel to Canada without charge to extend or modify their temporary status until March 31, 2024 if they are already there.

• The federal government has budgeted $123.2 million for the expansion of the French language outside of Quebec. This will increase the number of French-speaking immigrants to Canada and make it easier for local businesses to find French-speaking employees.

• The Canadian budget also serves as a preview of upcoming legislative changes. The 2022 budget, for instance, supported the expansion of the Minister of Immigration’s authority to use Ministerial Instructions to aid in the selection of candidates who best meet Canada’s labour market needs. These alterations are anticipated to occur in Q2.

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