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Tax Alert 2026 No. 29, 13 May 2026
On 6 May 2026, the government tabled Bill C-31, Budget 2025 Implementation Act, No. 2. The bill implements the various tax measures that were contained in the detailed notice of ways and means motion that was tabled on 4 May 2026, including various Budget 2025 measures and other income tax and global minimum tax measures that were included in draft legislation released on 29 January 2026, various new amendments (not previously announced) and various outstanding income tax, global minimum tax and indirect tax measures previously included in draft legislation released in December 2019, August 2022, August 2023, August 2024 and August 2025.
Notably, the business income tax and global minimum tax measures contained in Bill C-31 are considered substantively enacted (for financial reporting purposes) as of 6 May 2026, due to the new majority status of the federal government.
In this Tax Alert, we provide a high-level summary of the income tax and global minimum tax measures contained in Bill C-31.
Access the full content in the PDF attached below.
Read Tax Alert in full
Issue No. 29, 13 May 2026
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Previous issues
Employee ownership trusts are here to stay
The federal Spring Economic Update 2026, tabled on 28 April 2026, signals that employee ownership trusts (EOTs) are set to become a permanent fixture.
Government tables the Spring Economic Update 2026 Implementation Act
On 29 April 2026, Bill C-30, Spring Economic Update 2026 Implementation Act, received first reading in the House of Commons.
Newfoundland and Labrador Budget 2026
Newfoundland and Labrador Finance Minister Craig Pardy tabled the province’s fiscal 2026 budget on 29 April 2026.
Federal Spring Economic Update 2026
On 28 April 2026, the Minister of Finance and National Revenue, François-Philippe Champagne, tabled the federal government’s Spring Economic Update 2026, which contains several tax measures affecting individuals and corporations.
Federal excise tax on fuel temporarily suspended
On 14 April 2026, Canada announced it will temporarily suspend the fuel excise tax on gasoline, diesel and aviation fuel levied under Part III of the Excise Tax Act.
Prince Edward Island Budget 2026 [Updated]
PEI Finance Minister Jill Burridge tabled the province’s fiscal 2026 budget on 14 April 2026.
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