Grocery rebates to junking junk fees: What's in the federal budget for ordinary Canadians StephHughes95
Tackling predatory lending
Predatory lenders may also have a harder time extending high-interest loans to low-income Canadians, recent immigrants and seniors. The federal government plans to lower the annual criminal rate of interest from the equivalent of 47 per cent to 35 per cent and consult whether it should be moved even lower. The government would also cap payday lending charges to no more than $14 per $100 borrowed.Ottawa is also taking aim at junk fees by pushing businesses to be more transparent with costs.
The changes increase the total federal aid available to a full-time student based on financial need to $14,400 for 2023, up from $13,160 for 2022. Budget 2023 includes plans to amend registered education savings plans with proposed limit increases on certain RESP withdrawals to $8,000 from $5,000 for full-time students, and to $4,000 from $2,500 for part-time students. Divorced and separated parents will also be able to open a joint RESP for their children.Price of a plane ticket going up
Some of the measures laid out in the budget could hurt pocketbooks, like the federal government’s plan to increase the air travellers security charge on plane tickets starting in May 2024. The charge on a domestic round-trip flight would rise to $19.87 from $14.96 and the charge cost on a flight to the U.S. would go up to $16.89 from $12.71, according to the Canadian Press. International flights security charges would rise to $34.42, up from $25.91.
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