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Tax Alert 2026 No. 33, 1 June 2026
On 15 May 2026, the federal government released the Implementation Agreement for the Canada-Alberta Memorandum of Understanding of November 27, 2025. The implementation agreement sets out joint commitments relating to revised carbon pricing pathways, laxer tightening or “stringency” rates, carbon credit price floors, carbon contracts for difference, and coordinated industrial carbon market management.
The agreement also sets out commitments relating to the electricity grid, a carbon-capture initiative (i.e., the Pathways Project), an oil pipeline to global markets, and other collaborative efforts. Notably, the agreement allows Alberta to set a lower industrial carbon price than the federal benchmark currently imposed under Part 2 of the Greenhouse Gas Pollution Pricing Act.
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Issue No. 33, 1 June 2026
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Previous issues
Nunavut Premier and Finance Minister John Main tabled the territory’s 2026 budget on 25 May 2026.
Bill C‑31, Budget 2025 Implementation Act, No. 2, received first reading on 6 May 2026 and contains significant — though mostly previously announced — proposed amendments to Canada’s Global Minimum Tax Act (GMTA) and Income Tax Act.
CRA intends to postpone new administrative position on GST/HST treatment of trailing commissions
On 13 May 2026, the Canada Revenue Agency (CRA) verbally informed various industry groups that it intends to grant a material extension to the implementation deadline for the application of GST/HST to mutual fund trailing commissions.
Budget 2025 implementation bill no. 2 tabled in the House of Commons
On 6 May 2026, the government tabled Bill C-31, Budget 2025 Implementation Act, No. 2.
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.
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