Canada extends repayment deadline for small business emergency loans: A lifeline for struggling entrepreneurs

Ottawa to Remove GST on New Rental Housing, Calls on Cities to End Exclusionary Zoning: A Step Towards Affordable Housing

Introduction

In a move aimed at addressing Canada‘s ongoing housing crisis and supporting struggling entrepreneurs, Prime Minister Justin Trudeau recently announced that his government plans to remove the Goods and Services Tax (GST) on new rental housing. This decision comes as part of a broader effort to make housing more affordable for Canadians, particularly in the midst of the economic challenges brought about by the COVID-19 pandemic.

Additionally, the government is urging cities across the country to take action and put an end to exclusionary zoning policies. By doing so, municipalities can help create a more inclusive and equitable housing market that provides opportunities for all Canadians.

Background

Canada has been grappling with increasingly unaffordable housing, particularly in major urban centers such as Toronto and Vancouver. The cost of renting or buying a home has reached levels beyond the reach of many Canadians, leading to a housing crisis that disproportionately affects vulnerable populations.

The COVID-19 pandemic has only exacerbated these challenges, as struggling entrepreneurs and small business owners face financial hardships and find it increasingly difficult to afford suitable housing. Many have had to shut down their businesses or operate at limited capacity, putting their livelihoods at risk.

Removing GST on New Rental Housing

The decision to remove the GST on new rental housing is a significant step towards making housing more accessible and affordable for Canadians. By eliminating this tax, the government aims to reduce the financial burden for developers and investors, thereby incentivizing the construction of new rental units.

This move is expected to stimulate the housing market and increase the supply of rental properties. With a greater number of available units, renters will have more options at their disposal, potentially leading to stabilized or even reduced rental prices. Additionally, this initiative may encourage more individuals to consider investing in the rental market, further expanding the supply of affordable housing.

Ending Exclusionary Zoning Policies

In conjunction with the removal of the GST on new rental housing, the Canadian government is calling on cities to take action against exclusionary zoning policies. Exclusionary zoning refers to regulations and practices that restrict the types of housing, such as affordable or multi-unit developments, in certain neighborhoods or areas.

These policies often result in the concentration of affordable housing in specific areas, creating a lack of diversity and perpetuating social and economic inequalities. By challenging these exclusionary practices, cities can foster more inclusive and diverse communities, offering housing options that cater to the needs of a wider range of residents.

Philosophical Discussion: Housing as a Right

The issue of affordable housing extends beyond economic considerations; it is fundamentally linked to the concept of housing as a human right. Adequate shelter is a basic necessity that should be accessible to all individuals, regardless of their socioeconomic status.

The housing crisis in Canada highlights the urgent need to address systemic issues that perpetuate inequality in accessing safe and affordable housing. It requires a concerted effort from all levels of government and stakeholders to ensure the provision of housing as a right for all Canadians.

Editorial: Growing Momentum for Affordable Housing

The removal of the GST on new rental housing and the call to end exclusionary zoning policies are positive steps forward towards addressing Canada‘s housing crisis. By incentivizing the construction of rental units and promoting inclusive zoning practices, the government has shown a commitment to creating a more affordable and equitable housing market.

However, it is crucial that these initiatives are implemented effectively and accompanied by additional measures to comprehensively address the housing crisis. This includes increased investments in affordable housing projects, strengthened tenant protections, and increased support for struggling entrepreneurs and small business owners.

Advice for Struggling Entrepreneurs

For struggling entrepreneurs and small business owners who are facing financial hardships and struggling to afford suitable housing, it is important to explore the available support systems. The Canadian government has implemented emergency loan programs and other financial assistance measures to provide a lifeline for businesses affected by the pandemic.

Small business owners should stay informed about these programs and take advantage of any relief measures that apply to their situation. Additionally, it is essential to seek advice from financial advisors or business consultants who can provide guidance on managing finances and exploring alternative housing options.

In conclusion,

The removal of GST on new rental housing and the call to end exclusionary zoning policies presented by Prime Minister Trudeau are significant steps towards addressing Canada‘s housing crisis. These initiatives bring hope for a more affordable and inclusive housing market, particularly for struggling entrepreneurs and small business owners who have been hit hard by the economic challenges of the pandemic. However, a comprehensive and collaborative effort is still needed from all levels of government and stakeholders to ensure that housing is recognized as a fundamental right and accessible to all Canadians.