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On April 19, 2021, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the government’s budget. Read more about the tax initiatives proposed in the budget in our in-depth Tax Insights.
For additional insights on the impact of the Federal Budget on private companies and the power and utilities sectors, please see below.
Tax
Emergency
business supports
The Federal Budget extends the wage subsidy, rent subsidy and lockdown support programs to September 25, 2021, and introduces a hiring subsidy program from June 6 to November 20, 2021.
Mandatory
disclosure rules
It enhances Canada’s mandatory reportable transaction disclosure rules (subject to public consultation) for taxation years beginning after 2021.
Interest
deductibility limits
It also limits the deductibility of interest by corporations, trusts and partnerships to a percentage of tax-basis EBITDA, starting taxation years beginning after 2022.
Private Company Services
Accelerating
business growth
The Federal Budget aims to empower private companies as we come out of the pandemic.
Supporting an
inclusive workforce
It’s focused on the future of work, with supports to help the next generation of workers. A new childcare plan could help retain parents in the workforce, further boosting inclusion and diversity.
Tightening
the reins
But there’s also more oversight in certain areas to prevent the erosion of the Canadian tax base.
Power & Utilities
Economic
recovery initiatives
The 2021 Federal Budget attempts to align economic recovery initiatives with the federal government’s plans for Canada to become net zero by 2050.
Opportunities for
power and utilities
Canadian power and utilities companies have an opportunity to embrace these new initiatives to support their own transformation.
Focus on
the future
Energy, power and utilities companies that take advantage of this momentum will be uniquely positioned to succeed as Canada and the world transition to a more interconnected, circular economy.
2021 Provincial and Territorial Budgets
Explore this year’s provincial and territorial budgets in the interactive map below by hovering over each province or territory’s capital city to determine the budget day. Learn more by reading our Tax Insights, if available.
Past Federal, Provincial and Territorial Budgets
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Contact us
Lead Client Partner and National Leader, SR&ED and Incentives, PwC Canada
Tel: +1 403 509 6373