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April 11, 2022

Canada's Federal budget 2022-23 discussed

Canada's federal Finance Minister Chrystia Freeland tabled her second budget on April 7. This budget focuses on priorities including: (i) investing in building more homes and making the housing market fairer for Canadians; (ii) making it easier for skilled immigrants to make Canada their home and to do the jobs they're trained for; (iii) making it more affordable for people working in the skilled trades to travel to where the work is; (iv) investing in high-quality, affordable child care for more Canadians; (v) investing in Canada's abundant metals and minerals that are essential to the transition to a green economy; (vi) making investments in productivity and innovation; and (vii) increasing investment in the Canadian Armed Forces and undertaking a defense policy review to respond to the more dangerous geopolitical situation. The minister anticipates deficits of $113.8 billion for fiscal 2021–22, $52.8 billion for 2022-23 and $8.4 billion by fiscal 2026–27.

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


Full text of Tax Alert