Budget 2022: 4 things that will affect your pocketbook

The 2022 federal budget outlined a few measures that could help Canadians struggling with the soaring cost of living, including plans for a one-time $500 payment and dental care.

The federal government’s 280-page 2022 budget document outlined a couple of measures to help with the cost of living for Canadians.

There was little in the budget to tamp down on rampant inflation — the Consumer Price Index rose 5.7 per cent in February, to the highest levels in more than 30 years — and the federal government did try to set expectations that prices would come back under control in a few years’ time.

There were, however, a few items in the budget that could see some relief come to Canadians’ pocketbooks in the not-too-distant future.

The 2022 budget set aside $475 million for a round of one-time, direct payments of $500 to Canadians facing “housing affordability challenges.”

The feds said the exact mechanism, timeframe and eligibility requirements are yet to be determined, but that the payment should come in the next fiscal year.

Also on the housing front, the feds unveiled plans for a new Tax Free First Home Savings Account in the budget, allowing prospective homeowners to save up to $40,000 for a down payment.

The federal budget had good, if expected, news for those struggling to afford dental care.

Starting with the youngest Canadians, kids under 12 in households with an income of less than $70,000 annually should have access to dental care before the end of 2022.