Measures for individuals
- Alternative minimum tax (AMT) rules expanded to apply to more
- Qualifying family members measure for RDSPs will be extended by
three years to 2026, and expanded to include siblings 18 and older.
- The maximum educational assistance payment (EAP) withdrawal
for the first 13 weeks of enrollment increased to $8,000 (full-time students) and $4,000 (part-time students).
- A new grocery rebate will be available by increasing the maximum
Good and Service Tax Credit (GSTC).
- Employee ownership trusts (EOT) will be available to facilitate
business succession between business owners and employees
starting January 2024.
- Retirement compensation arrangements will not be subject to
50% refundable tax on fees or premiums paid for securing or
renewing a letter of credit.
- Deduction for tradespeople’s tools doubled from $500 to $1,000, effective 2023.
Measures for corporations
- Bill C-208 refined with additional safeguards for genuine intergenerational business transfer from parents to children.
- Several tax credits and other incentives introduced for businesses producing and manufacturing clean energy.
- Public corporations subject to a new 2% tax on equity issuance
- Proposal of several amendments to GAAR (General Anti-avoidance Rule).
Other notable measures
- Inflation adjustment on the excise tax for beer, spirits and wine temporarily capped at 2% for this year.
- Canada Student Grants (CSG) will increase by 40%.
- Government to lower credit card fees for small business.
(This article is courtesy of Mackenzie Investments)
Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
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