Notably, Budget 2022 includes new refundable investment tax credits of up to 60% for eligible expenses incurred after 2021 in connection with certain carbon capture, utilization and storage projects and creates two new classes of depreciable property for eligible equipment used in such projects. Budget 2022 includes a number of measures aimed at promoting clean technology. This measure would apply to taxation years ending after Budget Day. A $100 million taxable income exemption can be shared by agreement among the group members. Budget 2022 introduces an additional tax of 1.5% on the taxable income of members of bank and life insurer groups. The CRD liability will be imposed for the 2022 taxation year and will be payable in equal amounts over five years. Bank and life insurer groups subject to the CRD would be permitted to allocate a $1 billion taxable income exemption by agreement among the members. The CRD will be based on a corporation’s taxable income for taxation years ending in 2021. Budget 2022 imposes a one-time 15% tax - the Canada Recovery Dividend (CRD) - on bank and life insurer groups. The tax highlights contained in Budget 2022 include: Business income tax proposals In addition, the government stated it was examining a new minimum tax regime for individuals with an intention to release details of the new minimum tax in the 2022 fall economic and fiscal update. On Ap(Budget Day), The Honourable Chrystia Freeland, deputy prime minister and minister of finance, delivered the highly anticipated 2022 Canadian federal budget (Budget 2022).Īlthough Budget 2022 does not propose to change the federal personal or corporate tax rates, it does introduce a one-time 15% tax on bank and life insurer groups, an additional 1.5% tax on the taxable income for members of bank and life insurer groups and allows more medium-sized Canadian-controlled private corporations to benefit from the small business deduction.
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