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December 23, 2021

Canada's Bill C-2 receives Royal Assent; public company dividend restriction and amendment to executive compensation repayment rule introduced

Bill C-2, An Act to provide further support in response to COVID-19, received Royal Assent on December 17. Among other measures, Bill C-2 provides for new targeted COVID-19 support measures in addition to an extension of the Canada Recovery Hiring Program. The new business support measures include wage and rent subsidies under the Tourism and Hospitality Recovery Program, the Hardest-Hit Business Recovery Program and the Public Health Lockdown Support (collectively, the Targeted Subsidy Programs).

A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.


Full text of Tax Alert