Key Highlights from the 2022 Federal Budget

The federal budget was released on April 7, 2022. While there were no changes to personal or corporate tax rates, the budget contained several key items of interest, including tax and small business implications.

Some key highlights:

Canada Recovery Dividend

• The budget introduces the one-time Canada Recovery Dividend (CRD) and a 15% tax on bank and life insurer groups. The CRD is determined based on a corporation’s taxable income for taxation years ending in 2021.
• Bank and life insurer groups subject to the CRD would be permitted to allocate a $1 billion taxable income exemption by agreement amongst group members. The dividend would be imposed for the 2022 taxation year and would be payable in equal amounts over five years.

Additional Tax on Banks and Life Insurers

• The budget introduces an additional 1.5% tax on the taxable income for members of bank and life insurer groups.

 Small Business Deduction

• The budget introduces changes to allow more medium-sized Canadian-controlled private corporations (CCPC) to benefit from the small business deduction. Specifically, the budget expands the range over which the small business deduction limit is reduced, based on a CCPC’s combined taxable capital employed in Canada to $10 million – $50 million.

 Personal Income Tax

• The Tax-Free First Home Savings Account (FHSA) was introduced for 2023 which will provide tax-free withdrawals to purchase a first home.
• The First-Time Home Buyers’ Tax Credit (HBTC) amount was increased to $10,000 (from $5,000).
• A Multigenerational Home Renovation Tax Credit was introduced for a qualifying renovation to create a secondary dwelling unit to permit a senior or a person with a disability to live with a qualifying relation.
• The annual expense limit of the Home Accessibility Tax Credit was increased to $20,000.
• Profits arising from the sale of certain residential property (including a rental property) owned for less than 12 months will be treated as business income, effective for residential properties sold on or after January 1, 2023.
• A Labour Mobility Deduction for Tradespeople was introduced to allow eligible individuals in the construction industry to deduct up to $4,000 in certain travel and relocation expenses.

 Corporate Income Tax

• A refundable Carbon Capture, Utilization, and Storage (CCUS) investment tax credit was introduced for certain eligible expenses incurred after 2021 and before 2041.
• A new 30% Critical Mineral Exploration Tax Credit (CMETC) was introduced for specified minerals used in the production of batteries and permanent magnets,
• Eliminate the flow-through share regime for oil, gas, and coal activities
• Certain relieving modifications related to the new accounting standards for insurance contracts was introduced, including certain transitional rules, effective January 1, 2023.
• Legislation to prevent certain taxpayers in financial institution groups from realizing certain tax deductions through the use of certain hedging and short selling arrangements was introduced.
• Announce a consultation on further modifications to the rules on intergenerational share transfers.
• Align the taxation of investment income earned and distributed by private corporations resident in Canada (other than CCPCs) that are ultimately controlled by Canadian-resident individuals (i.e., “substantive CCPCs”) with the rules that currently apply to CCPCs.
• Eliminate the tax-deferral advantage available to CCPCs and their shareholders earning investment income through controlled foreign affiliates.
• Require financial institutions to annually report the total fair market value of property held in each RRSP and RRIF that they administer, effective for 2023 and subsequent taxation years.

If you have questions about how any of the above proposed changes would impact you or your business, please give us a call.

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