On April 19, 2021, Deputy Prime Minister and Finance Minister Chrystia Freeland presented the first federal budget in over two years. This budget contains various measures that include providing additional COVID-19 support to Canadian businesses, promoting clean energy, introducing new sales and excise tax measures, and placing limits on interest deductibility and certain cross-border financing structures.
Contrary to pre-budget rumours, the budget does not include measures increasing the capital gains inclusion rate, eliminating the principal residence exemption or imposing a wealth tax. In addition, it does not propose any increase to personal or corporate tax rates.
For further budget highlights please click here.
For any questions or assistance, please contact your Lipton advisor.
