Evolution of tax: The implications for Canadian businesses of new global and domestic tax changes
Digital Sales Tax, federal budget measures and OECD tax agreements are shifting the corporate income tax landscape for Canadian businesses.
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
2022 Provincial and Territorial budgets
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 |
 |
British Columbia February 22, 2022 • Tax InsightsOpens in a new window |
 |
Manitoba April 12, 2022 |
 |
New Brunswick March 22, 2022 |
 |
Newfoundland and Labrador April 7, 2022 |
 |
Nova Scotia March 29, 2022 • Tax Insights |
 |
Ontario April 28, 2022 • Tax Insights |
 |
Prince Edward Island February 24, 2022 |
 |
Quebec March 22, 2022 • Tax Insights |
 |
Saskatchewan March 23, 2022 |
 |
Northwest Territories February 22, 2022 |
 |
Nunavut May 26, 2022 |
 |
Yukon March 3, 2022 |
Need to know
Loading...
Tax Insights: Excessive interest and financing expenses limitation (EIFEL) regime
On February 4, 2022, the Department of Finance released draft legislative proposals, which include detailed explanatory notes, to implement numerous 2021 federal budget and other measures.
Making the most of green tax and incentive programs
How you can maximize the benefits of government supports to advance your net-zero and broader business goals.
Loading...
Related content
Loading...
Tax Facts and Figures: Canada
This convenient reference guide includes Canadian individual and corporate tax rates and deadlines, summaries of recent tax cases and a wide range of other valuable tax information.
Income Tax Calculator for Individuals
Estimate your personal income taxes in each province and territory with our Income Tax Calculator for Individuals.
Worldwide Tax Summaries
Information on corporate and individual tax rates and rules in over 150 countries worldwide.
Loading...
Contact us
