A preview into the 2024 federal budget

With more on what to look for, let’s welcome finance expert Edwick Brooks joining us now. Good morning, Edwick. Thank you so much for your time. Good morning, Candace. Thank you so much for having me. Now I know it’s a busy day for you. We managed to catch you before you head off to Ottawa to join the budget lock up there. So just right off the hop, how well do you think this budget will meet the needs of everyday Canadians given the economic climate, given the cost of living issues most of us are facing? Yeah, I mean there’s a little bit of hope given what we’ve seen so far in the pre budget announcements. But a lot of these measures are delayed measures. They’re things that are not going to be implemented for a few more years. So for me it’s like what are, what are they going to do that’s going to address the issues that we’re facing today? I’m looking to see something that will address the immediate issues that we’re facing like the increase grocery prices, the increase in gas, the housing affordability, some of the measures that they are implementing for housing affordability, this some of these things are going to take decades for them to implement. So I mean there’s hope, but it’s like a delayed hope. So I’m looking to see something that we can get to give us that immediate gratification for sure. But in the meantime, we shall look to the horizon with these housing measures that have been announced, including extending the mortgage amortization period to 30 years for first time home buyers on new builds and upping the RSP withdrawal limits under the home buyers Plan and innovation. How much of an impact do you think that will have on what has really shaped up to be a generation who feels on the outside of the housing market that can’t make it in? Do you think this will make it attainable for them? Honestly, I don’t see how the amortization is going to make it attainable for a lot of people because the the real issue is we cannot afford the houses today. How can we afford the down payment, how can we afford to pay the mortgage because the interest rates are high. So extending the amortization period is just going to, it’s just going to extend how much we’re going to be in debt. So it’s not going to address the issue that we’re facing right now, which is that we cannot afford the houses that are available today. We need to see the cost come down. And what about seniors and other Canadians on fixed income students as well? What should they, what could they be looking for? Have you had any hints as to anything addressing that, those demographics? Yeah, I know. So far, I haven’t seen anything yet that addresses those demographics. About 3 weeks ago, there was an announcement made to made about expanding spaces, more investment in the $10 a day day care program. Are these like peripheral ways that the federal government is trying to, I guess, increase affordability for young families and and maybe get them more participating in in the economy? Yeah. So the the $10 day care centers, they have not been, they’ve been available, but the wait least to get in is very, very long because there are not a lot of centers available. So the government is looking to extend loans to more of these centers to make more of them available. And it’s supposed to help reduce the cost of child care for young parents because even some families, some people have had to step back from work just so they can take care of their kids. So they’re hoping that these $10 day care centers are going to help these, OK. And we’ve had like a trail of bread crumbs over the last since the year started. I would say just kind of left, right across the country about what the budget will contain. How effective do you think the proposed solutions that we’ve seen so far are in addressing day-to-day concerns? Yeah, so there’s some of them that look like it’s going to address some of the issues. But like I said earlier, some of these are things that are not going to be implemented for a few more years. So yes, they’re doing something, but I don’t see how it’s going to address the day-to-day concerns that we’re facing right now. Like, one of the things that they said they’re going to implement is helping renters like your when your rent can count towards your credit history. I’m like, that’s great. But that does not put money in my pocket to afford the down payment that I need to buy a house. Even if I have a good credit score, I still need to be able to buy a house. OK, well, we will leave it there and see what the budget reveal actually does bring. But thank you so much for your insight ahead and safe travels to Ottawa. That’s Edwick Brooks. Thank you so much for having me.