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Ontario to permit credit unions to sell insurance in branches

By The IJ Staff | November 09 2020 02:13PM

Ontario’s 2020 budget announced that the province is introducing new legislation removing restrictions that currently limit credit unions’ ability to invest and offer services to their consumers.

“This would include allowing credit unions to sell insurance within branches and on their websites, as well as provide opportunities for insurance intermediaries and credit unions to seek mutual beneficial business relationships that could reduce costs,” says the budget released Nov. 5.

Seniors’ Home Safety Tax Credit

For individuals, meanwhile, the budget announced that parents in Ontario will again receive $200 per child under the age of 12 and $250 per child for children and youth under age 21 with special needs.  Seniors could also benefit, as the province is proposing a new Seniors’ Home Safety Tax Credit for the 2021 taxation year. The credit would provide a 25 per cent credit on eligible renovations up to $10,000. Seniors would be eligible regardless of their incomes or whether they owe income tax in 2021. Family members who have a senior living with them would also be eligible.

All told, the government is projecting a deficit of $38.5-billion for 2020-2021. Ontario’s real GDP (gross domestic product) is projected to decline 6.5 per cent in 2020, rise by 4.9 per cent in 2021 and rise 3.5 per cent in 2022 before moderating to two per cent growth in 2023.

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