December 16, 2022
Canada's Bill C-32 to implement certain Budget 2022 and other previously announced measures receives Royal Assent
Bill C-32, Fall Economic Statement Implementation Act, 2022, received Royal Assent on December 15. Bill C-32 implements certain non-tax measures announced in the economic and fiscal update (EFU) tabled by the federal government on November 3, as well as certain previously announced tax measures, which were included in the notice of ways and means motion that was also tabled on that day. From both an income tax and indirect tax perspective, Bill C-32 includes certain measures that were released as draft legislative proposals on February 4 and August 9, most of which were first announced in the 2021 and 2022 federal budgets. These measures have been amended (where applicable) to take into account comments received since their initial release. One notable amendment contained in Bill C-32 is the delayed application of the new income tax trust reporting requirements by one additional year.
A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.
Full text of Tax Alert