Latest news with #DepartmentOfFinance
Globe and Mail
5 hours ago
- Business
- Globe and Mail
What you need to know about Ottawa's proposed GST cut for first-time homebuyers
The new Liberal government tabled a notice of ways and means motion last week to cut the GST for first-time homebuyers, moving forward with a key campaign promise from the recent election. Ottawa's proposed cut to the GST on new homes valued up to $1-million will provide first-time homebuyers a rebate of up to $50,000. However, the rebate would be reduced gradually for homes valued above $1-million and eliminated entirely for homes valued at $1.5-million or more. Called the first-time home buyers' GST rebate, the program would allow an eligible individual to recover up to $50,000 of the GST (or the federal portion of the HST) they paid when buying a home from a builder. The rebate also applies when buying shares of a co-operative housing corporation (where the co-op paid federal sales tax) or building a new home. For homes valued between $1-million and $1.5-million, the rebate would be reduced in a linear manner and calculated as a percentage of the maximum rebate ($50,000). In answer to questions from The Globe, Department of Finance spokesperson Benoit Mayrand provided examples of how this would work. To qualify for the rebate, at least one of the purchasers of the new home must be a first-time homebuyer acquiring it for use as their primary residence. (To be considered a first-time homebuyer, an individual generally needs to be a Canadian citizen or permanent resident, at least 18 years of age, and have not lived in a home, located anywhere in the world, that they or their spouse or common-law partner owned in the current year or previous four years.) The GST rebate would be available for homes where there's an agreement of purchase and sale with a builder made between May 27, 2025 and Dec. 31, 2030, and where construction begins by Dec. 31, 2030 and is completed substantially by Dec. 31, 2035. For someone building their own home, or having it built for them, construction must begin between May 27, 2025 and Dec. 31, 2030 to be eligible, and the home must be completed substantially by Dec. 31, 2035. The rebate can only be claimed once, and can't be claimed if a person's spouse or common-law partner has already used it. The first-time homebuyers' GST rebate would operate alongside the existing GST new housing rebate, which is available to eligible buyers whether or not they've previously owned a home. Under the existing GST new housing rebate, a homebuyer can recover 36 per cent of the GST paid on a new home priced up to $350,000, resulting in a maximum rebate under the program of $6,300. The GST new housing rebate is phased out in a linear manner for new homes up to $450,000, with no rebate for homes above that amount. (There may also be rebates available on the provincial sales tax.) Mr. Mayrand provided two examples of how the two rebates would work together for a first-time homebuyer.
Yahoo
a day ago
- Business
- Yahoo
Gavin Newsom proposes $2,000 asset eligibility test to control soaring state Medi-Cal costs
California Gov. Gavin Newsom is proposing an "asset test" for seniors to prove eligibility for Medi-Cal healthcare benefits for low-income Californians in response to a budget shortfall. To qualify, people would have to possess less than $2,000 in assets to qualify. The governor's budget proposal, written by the California Department of Finance, said the reasons for the increased costs include "higher overall enrollment, pharmacy costs and higher managed care costs." In the last 10 years, he said, Medi-Cal costs have increased by $20.5 billion. Newsom Proposes Freeze On Allowing Adult Illegal Immigrants To Join California Medicaid Program Newsom has also proposed freezing new enrollment for adults in the country illegally as a way to cut Medi-Cal costs. "Some of the most significant contributing factors to this growth are the COVID-19 continuous coverage requirement and the implementation of major policy changes such as the full elimination of the asset test for older adults and the full-scope expansion to all income-eligible Californians, regardless of immigration status," the proposal said. . Read On The Fox News App The assets included in the test would be salary, money in a bank account, cash on hand, a second car, home value and retirement funds. Applicants with more than $2,000 in assets would be ineligible for Medi-Cal. The 2025-26 budget proposal said Medi-Cal costs have increased starkly and continue to outpace revenues. The program cost $37.6 billion over the last year, and the cost is expected to increase by $10 billion over the next year without cuts. Along with low-income adults, many seniors and people with disabilities use Medi-Cal benefits that include in-home care services. For decades before 2024, the asset test was required for seniors to prove their eligibility for Medi-Cal, and Newsom's proposal would reinstate it. The proposal said that the asset test would save $94 million this fiscal year and $791 million by the 2028-29 fiscal year. Lawmakers In Deep Blue State Demand Audit Over Skyrocketing Healthcare Costs: 'Alarming Nature' Disability Rights California, a nonprofit, said the proposal would do "tremendous harm" to Californians. Illegal Immigrant Healthcare Costs In Blue State Triggers Intense Budget Debate "While we understand the reality of budget shortfalls and that cuts will sometimes be necessary, the priorities and reality of this May revision are even worse than what we imagined," the group said in a statement. "It demonstrates a continued willingness on the part of the governor to sacrifice the health and human services of California's people, particularly the disabled, poor, and elderly populations of this abundant state." The group added that the asset test "effectively demands extreme poverty in order to continue receiving critical healthcare." The governor defended his proposals, according to the Los Angeles Times, saying, "None of this is the kind of work you enjoy doing, but you've got to do it. We have to be responsible. We have to be accountable. We have to balance the budget." Fox News Digital has reached out to Newsom's office for article source: Gavin Newsom proposes $2,000 asset eligibility test to control soaring state Medi-Cal costs
BBC News
4 days ago
- Business
- BBC News
Civil Service: 'Not enough office space' if working from home ends
A return-to-office policy for the civil service would not be possible because there is no longer enough space to accommodate everyone, Stormont assembly members have been civil servants began working from home during the pandemic, a trend which has NI Civil Service (NICS) is in the process of reducing its office estate by 40% by selling buildings and ending Smyth, chief executive of construction and procurement delivery at the Department of Finance, said that four-year process was on track. She told Stormont's finance committee there was currently sufficient office space for civil servants but that would not be the case if there was a widespread return to office-based the policy was "everyone's coming back four days a week" then "we wouldn't have the space, we wouldn't have the physical accommodation to do that," she Smyth said a review of the NICS hybrid working and working-from-home policies is due to be published also revealed the sale of one of the biggest NICS offices had not been completed despite going sale agreed last Court in Belfast City Centre is the former HQ of the Department of Smyth said it would be put back on the market shortly and the current bidder remains also told assembly members a decision was expected by the end of July on whether Marlborough House in Craigavon would be 1970s office block is due to be vacated by civil servants and a listing could complicate efforts to find a new use for the site.
Zawya
26-05-2025
- Business
- Zawya
Strategic agreement between Department of Finance in Ajman and Ajman Bank boosts operational efficiency
Ajman: As part of its ongoing efforts to accelerate digital transformation and enhance the efficiency of government operations, the Department of Finance in Ajman has signed a strategic partnership agreement with Ajman Bank. This collaboration aims to strengthen digital financial integration, reduce bureaucracy, and improve the effectiveness of financial operations while delivering high-quality financial services. This agreement comes within the department's efforts aimed at simplifying procedures and achieving the highest levels of accuracy in implementing operations, by relying on the digital payments system, reducing human intervention, and enhancing security and reliability. It also aims to enable government entities to rely fully on electronic transactions, which contributes to reducing human errors and raising the efficiency of resource use, as well as enhancing integration between government and banking financial systems, leading to facilitating financial control operations. In this context, His Excellency Marwan Al Ali, Director General of the Department of Finance in Ajman, said: "The signing of this agreement represents an important step towards supporting the digital infrastructure of the government financial sector, and reflects the department's commitment to adopting the best technical practices to enhance operational efficiency, speed up procedures, and improve the quality of financial services. He also pointed out that the agreement will contribute to expanding the scope of integration with various government entities, thus enhancing the sustainability of financial resources. He added that this agreement represents a qualitative shift in the mechanisms of financial dealing between the government and the banking sector, as it provides an integrated digital platform for implementing bank transfers and settlements accurately and reliably. He stressed: "We will continue to work to expand the scope of automation in various areas of financial work in support of the Ajman government's trends in digital leadership." For his part, Mr. Mustafa Al-Khalafawi, CEO of Ajman Bank, said: "We are proud of our partnership with the Department of Finance in Ajman and the firm confidence in Ajman Bank's capabilities in digital transformation and automation. This collaboration reflects our shared commitment to modernising financial operations and reinforces our role as a trusted partner in the digital government journey. The agreement to automate bank transfer and financial settlement procedures represents a pivotal step towards developing operational efficiency, accuracy, and transparency at the level of government entities. This partnership is perfectly aligned with Ajman Vision 2030, and we continue our efforts in supporting initiatives that strengthen the UAE's financial infrastructure and contribute to sustainable, technology-driven growth. Through this partnership, the Department of Finance in Ajman seeks to solidify the emirate's position as a leading centre in applying the best digital practices in public money management, and to support national trends towards building a smart government and a sustainable digital economy.
Zawya
26-05-2025
- Business
- Zawya
Ajman Department of Finance, Ajman Bank sign agreement to boost operational efficiency
AJMAN - The Department of Finance in Ajman has signed a strategic partnership agreement with Ajman Bank. This collaboration aims to strengthen digital financial integration, reduce bureaucracy, and improve the effectiveness of financial operations while delivering high-quality financial services. This agreement aims to enable government entities to rely fully on electronic transactions, which contributes to reducing human errors and raising the efficiency of resource use, as well as enhancing integration between government and banking financial systems, leading to facilitating financial control operations. Marwan Al Ali, Director-General of the Department of Finance in Ajman, said, "The signing of this agreement represents an important step towards supporting the digital infrastructure of the government financial sector, and reflects the department's commitment to adopting the best technical practices to enhance operational efficiency, speed up procedures, and improve the quality of financial services.' He added that this agreement represents a qualitative shift in the mechanisms of financial dealing between the government and the banking sector, as it provides an integrated digital platform for implementing bank transfers and settlements accurately and reliably. For his part, Mustafa Al-Khalafawi, CEO of Ajman Bank, said, "The agreement to automate bank transfer and financial settlement procedures represents a pivotal step towards developing operational efficiency, accuracy, and transparency at the level of government entities. This partnership is perfectly aligned with Ajman Vision 2030, and we continue our efforts in supporting initiatives that strengthen the UAE's financial infrastructure and contribute to sustainable, technology-driven growth.'
