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November 4, 2022

Canada's Federal Fall Economic Statement 2022 discussed

Federal Deputy Prime Minister and Finance Minister Chrystia Freeland tabled the federal government's Economic and Fiscal Update 2022 on November 3. The Economic and Fiscal Update 2022 (EFU) contains several tax measures affecting individuals and corporations. The minister anticipates a deficit of $36.4b for 2022-23 and projects deficits for each of the next four years and a surplus of $4.5b for 2027-2028 (under a baseline scenario). In addition, on November 3, the government also tabled a notice of ways and means motion (NWMM) to implement certain measures announced in the EFU and certain provisions of the 2022 federal budget (Budget 2022).

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


Full text of Tax Alert