It’s that time of year again!
On April 7, 2022, the Federal Government tabled Federal Budget 2022, which proposed a broad array of provisions impacting many individuals, businesses, charities and other organizations. While there was a focus on the real estate sector and housing affordability (including new and enhanced personal tax credits), several other target areas may impact you or your business.
Some of the items of interest include the following:
• introduction of the Tax-Free First Home Savings Account whereby contributions (of up to $8,000 annually and $40,000 in total) would be deductible, and income in the account and withdrawals to purchase a first home would not be taxable;
• expanded access to the preferential small business deduction for corporations with more than $10 million in taxable capital;
• the requirement for digital platform operators to disclose details to CRA on the activities of Canadian participants in the digital economy; and
• expanded rules to require some charities to distribute more of their assets.
The Budget included no changes to the personal or corporate tax rates or the inclusion rate on taxable capital gains.
Please click the link below for more details on these items.