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  • Writer's pictureFort Group CPA

2023 Federal Budget Commentary

Updated: Jul 18, 2023

Budget 2023 was presented to the House of Commons yesterday!

There were no changes to personal or corporate tax rates or the inclusion rate on taxable capital gains.

The budget included modifications to the alternative minimum tax regime for high-income individuals, a one-time grocery rebate, additional flexibility for Registered Disability and Registered Education Savings Plans, and modifications to intergenerational business transfer rules.

The budget also introduced investment tax credits and incentives to encourage investment in clean energy.

Other measures include the introduction of an income-tested dental care program and the confirmation of the government's intention to introduce legislation implementing the income allocation rule and a domestic minimum top-up tax.

Finally, the budget included previously announced measures, such as limitations on excessive interest and financing expenses, reporting rules for digital platform operators, and changes to GST/HST in respect of crypto asset mining.

For further information, download our full commentary here.

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