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On April 7, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the federal government’s budget. Read more about the tax initiatives proposed in the budget in our in-depth Tax Insights.
Key highlights:
The Canada Recovery Dividend, a one-time 15% tax on banks and life insurers, and a proposed additional 1.5% tax on banking and life insurer groups
A refundable tax credit for carbon capture, utilization and storage, and the Critical Mineral Exploration Tax Credit
A public consultation on the Canadian implementation of OECD model rules that introduce a global minimum tax (Pillar Two) for large multinational enterprises
The Tax-Free First Home Savings Account, a new registered account for first-time homebuyers, and a doubling of the First-Time Home Buyers’ Tax Credit
The release dates for provincial and territorial budgets are noted. If the budget announces significant tax measures, we will also prepare a Tax Insights publication that summarizes its impacts.
Alberta February 24, 2022 |
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British Columbia February 22, 2022 • Tax Insights |
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Manitoba April 12, 2022 |
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New Brunswick March 22, 2022 |
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Newfoundland and Labrador April 7, 2022 |
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Nova Scotia March 29, 2022 • Tax Insights |
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Ontario April 28, 2022 • Tax Insights |
Prince Edward Island February 24, 2022 |
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Quebec March 22, 2022 • Tax Insights |
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Saskatchewan March 23, 2022 |
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Northwest Territories February 22, 2022 |
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Nunavut May 26, 2022 |
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Yukon March 3, 2022 |