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CIBC Private Wealth

April 10, 2023

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Parliament Hill in Ottawa, Canada.

2023 federal budget: key tax takeaways


As you may know, the government tabled the federal budget on Tuesday, March 28 and our tax experts were there to explore how it might impact you.
 

Here are three key takeaways:

  • Alternative minimum tax (AMT) – To expand the AMT to more high-income individuals, several changes will be made to the calculation of AMT, beginning in 2024. The changes include broadening the AMT base by further limiting tax preferences (such as exemptions, deductions, and credits), increasing the AMT exemption, and raising the AMT rate.
     
  • Intergenerational share transfers – In June 2021, Bill C-208 introduced an exception to the surplus stripping rules to facilitate legitimate intergenerational business transfers. A proposal was made to further amend these rules to ensure that they apply only where a genuine intergenerational business transfer takes place. This would take effect for transactions that occur starting in 2024.
     
  • Employee ownership trusts (EOTs) – An EOT is a form of employee ownership where a trust holds shares of a corporation for the benefit of the corporation’s employees. To launch EOTs in Canada, amendments to the Income Tax Act are required. The budget defines an EOT and sets out proposed rules on how an EOT will operate. The EOT amendments are to be effective as of January 1, 2024.

To learn more, you can read the full report and watch our short video (with transcript) on top takeaways.

Reach out to me if you have questions about how these changes may impact your investment strategy. 

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CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.