Legislative Proposals Released: New Details on a Multitude of Tax Provisions

Walter Harder

Just over four months after the April 7th Budget, the Government released a large package of draft legislative proposals on August 9th.  They include details on the following provisions, which will be discussed in detail at the September 21st CE Summits. 

• The Tax-Free First Home Savings Account (FHSA)
• The First-Time Home Buyers’ Tax Credit (HBTC)
• The Multigenerational Home Renovation Tax Credit
• The Residential Property Flipping Rule
• The Medical Expense Tax Credit for Surrogacy and Other Expenses
• Borrowing by Defined Benefit Pension Plans
• Reporting Requirements for Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs)
• The Investment Tax Credit for Carbon Capture, Utilization and Storage
• Clean Technology Tax Incentives – Air-Source Heat Pumps
• The Critical Mineral Exploration Tax Credit
• Eliminating Flow-Through Shares for Oil, Gas and Coal Activities
• The Small Business Deduction
• The Application of the General Anti-Avoidance Rule to Tax Attributes
• Substantive Canadian-Controlled Private Corporations
• Interest Coupon Stripping
• Quarterly Remittances and Technical Amendments to the Cannabis Taxation Framework

Consultations from the public on the proposals will be accepted until September 30.  Comments are accepted at the following link:      Consultation-Legislation@fin.gc.ca

Registrations for the virtual event are available now. CE Summits Registration