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ARTICLE · 27 NOVEMBER 2023

Canada's 2023 Fall Economic Statement

Stikeman Elliott LLP
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On November 21, 2023, the Canadian Department of Finance ("Finance") released its 2023 Fall Economic Statement

CanadaEmployment and HR
Rebekah Dong
Rebekah Dong
Jonathan Willson
Jonathan Willson
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On November 21, 2023, the Canadian Department of Finance ("Finance") released its 2023 Fall Economic Statement ("FES 2023"). The focus of FES 2023 was on affordability measures, particularly with respect to housing. New spending commitments in FES 2023 were relatively modest and it notably did not include any increases to personal or corporate income tax rates. Nevertheless, FES 2023 did include some tax-related announcements that we expect will be of interest to our clients. These measures are summarized below.

Employee Ownership Trusts

In the 2023 Federal Budget ("Budget 2023"), Finance introduced new measures designed to permit business owners to transfer shares of Canadian-controlled private corporations to trusts established for the benefit of employees ("Employee Ownership Trusts") with such rules coming into force as of January 1, 2024. In FES 2023, Finance is proposing to exempt business owners from paying tax on the first $10 million in capital gains

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