The 2022 Federal Budget: What It Means for Your Taxes
11 Apr 2022
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, presented Budget 2022 – A Plan to Grow Our Economy and Make Life More Affordable (Budget 2022) on April 7, 2022—the first federal budget since the 2021 federal election and the second since the Covid-19 pandemic began.
Budget 2022 is influenced by a range of factors, including the Liberal government’s spending promises from the election and new spending promises made through their coalition with the NDP, the need to balance pandemic relief spending, an affordable housing crisis, a redoubled focus on addressing climate change, and ongoing global economic uncertainty against the backdrop of the invasion of Ukraine.
The experienced tax advisors from our partner firm Grant Thornton LLP have summarized the measures introduced in Budget 2022. Highlights of the proposed personal tax measures include:
- stabilizing the housing market, including addressing housing supply and affordability
- making child care more accessible and affordable
- a new personal minimum tax regime, which is intended to impose a minimum tax on high-income individuals who claim a large number of deductions and tax credits
Click here to read our full summary.