Press release

31 Mar. 2022 Ottawa, CA

EY spokespeople available for federal budget insights and commentary

Analysis on what the federal budget will mean for Canadian businesses and taxpayers

With pandemic-related restrictions lifting, the focus in this year’s budget is expected to shift from economic support and recovery measures to initiatives that stimulate economic growth. What will Canadian businesses and taxpayers likely see? EY professionals anticipate the budget will address pressing national issues impacting Canadians, ranging from rising inflation, interest rates and housing prices to healing social unrest that manifested in the brief imposition of the federal Emergencies Act. On the international front, strategic investments in national defence and humanitarian relief measures are expected. New tax measures are always anticipated and there may be further details on certain tax measures proposed during last year’s election campaign and the government’s fall economic and fiscal update.

EY business and tax subject matter experts are available to offer insights on the 2022 federal budget and its impact on Canadian businesses and taxpayers.

Federal budget topics for discussion may include:

  • Further details on private corporation tax planning reforms: on July 19, 2021, The Department of Finance announced the government intends to release draft amendments to legislation for consultation on intergenerational transfers of small businesses
  • Changes in the taxation of capital gains: the capital gains inclusion rate could be increased
  • Digital services tax: a Notice of Ways and Means Motion to implement the tax was tabled on December 14, 2021, and stakeholders were given until February 22, 2022 to comment
  • Non-Resident Underused Housing tax: draft legislation was tabled on December 15, 2021
  • New taxes on vaping products: a formal consultation period ended June 30, 2021, and more details may be announced in this budget
  • Update on the luxury goods tax: a draft legislation was released for consultation on March 11, 2022
  • Changes to the general anti-avoidance rule (GAAR) and transfer pricing rules: the 2021 budget promised a consultation paper would be released “in the coming months”
  • Update on OECD BEPS international aggressive tax planning measures
  • Investments in innovation
  • Measures to remove interprovincial trade barriers 

To engage a spokesperson, or for more information, please contact Camille Larivière.

To learn more about the Canadian federal, provincial and territorial budgets or explore EY's Tax Alerts, click here.

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