Milan Cacic
April 08, 2022
Money Economy Women & wealth Commentary Quarterly update In the news News Trending Weekly update Weekly commentary2022 FEDERAL BUDGET HIGHLIGHTS
Below are the highlights of the 2022 federal budget. Two things that jump out are no changes in the personal tax rates or capital gain inclusion rates. However, they did comment that the top 1% are not paying their fair share and will come out with an update in the fall regarding alternative minimum tax.
Measures for individuals
- A Tax-Free First Home Savings Account (FHSA)
- Doubling the First-Time Home Buyers’ Tax Credit
- Multigenerational Home Renovation Tax Credit
- Ban on Foreign Investment in Canadian Housing
- Property Flippers Pay Their Fair Share
- Dental Care for Canadians
- Making the Switch to Zero-Emission Vehicles (ZEVs) More Affordable
- Next Steps Towards a Minimum Tax for High Earners
Measures for Business
- Cutting Taxes for Canada’s Growing Small Businesses
- The introduction of a new 30 per cent tax credit for Critical Mineral Exploration
- Employee Ownership Trusts
- Investment Tax Credit for Carbon Capture, Utilization, and Storage (CCUS)
- Preventing the Use of Foreign Corporations to Avoid Canadian Tax
Below, I have also attached two pieces from CIBC that dig deeper into the highlights above.
As always if you have any questions please feel free to give us a call anytime.
Have a great weekend.
Milan