On April 7, 2022, Finance Minister (and Deputy Prime Minister) Chrystia Freeland tabled the Liberal Government’s federal budget, A Plan to Grow Our Economy and Make Life More Affordable. (Let’s see if that comes true!)
The Budget proposed a broad array of changes impacting a wide variety of individuals, businesses, charities and other organizations. While there was some speculation, the Budget included no changes to the personal or corporate tax rates, nor to the inclusion rate on taxable capital gains. The budget did contain tax measures to, among other things, raise additional revenue from financial institutions, eliminate certain tax planning strategies that manipulate a corporation’s status as a “Canadian-controlled private corporation”, and provide incentives for carbon capture.
For a more detailed summary of the budget and related tax measures, please see the full budget commentary.