Senate of Canada passes budget, greenlights measures on Russian housing and assets

Canada’s Prime Minister Justin Trudeau speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, April 27, 2022. REUTERS/Blair Gable/File Photo

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OTTAWA, June 23 (Reuters) – The Canadian Senate passed Prime Minister Justin Trudeau’s budget on Thursday, passing a long list of measures, including a two-year ban on buying a home abroad and the power to confiscate and to sell property seized in response to the Russian invasion of Ukraine.

The 450-page Bill C-19 passed the upper house 56 to 16 without any changes and will become law after royal ascension, a formality.

The Liberal government introduced a budget in April aimed at increasing housing affordability with new funding and a promise to ban foreign investors from buying Canadian homes for two years, among other measures.

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In addition to housing measures, the legislation would make changes to the country’s tax laws, criminal code as well as immigration rules. Fiscal spending remains high, although less than the previous two years, even in the face of inflationary spikes.

For a Factbox on some of the bill’s measures, click read more

It lists more than a dozen changes to the country’s income tax laws that have been described by the Senate Finance Committee as “highly technical” and “very difficult for Canadians, including tax professionals, to understand.” .

The committee also recommended that the government carry out a study on the impact of a proposal to introduce a luxury tax on the sale of new luxury cars, planes and boats. Industry bodies say the tax will hurt them and could lead to job losses.

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Reporting by Ismail Shakil in Ottawa; Editing by Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

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