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Frank Grisdale

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CIBC Private Wealth

April 09, 2022

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2022 federal budget—What you need to know


You may have noticed that the federal budget was released yesterday. As soon as it was made available, CIBC taxation experts–including Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Private Wealth–started to explore how it might impact our clients.
 

The report that came out of this analysis is now available, as is a short video (transcript). I think you might find them a good use of your time.

Here are the three key takeaways: 

  • Personal tax rates: There are no changes to personal tax rates.
     
  • Alternative minimum tax: Changes to the minimum tax to ensure higher-income people pay more federal tax will be announced in the fall economic update.
     
  •  Small business deduction: Small business owners currently benefit from a favourable small business rate on the first $500,000 of active business income. This rate is reduced on a straight-line basis if the business has between $10-15 million of taxable capital. The range is being bumped up to $50 million. This means more businesses will qualify for the small business deduction.

Feel free to get in touch with any questions you might have.

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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.