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ARTICLE · 25 JULY 2022

Budget 2022 Bill Beefs Up Economic Sanctions Legislation

Osler, Hoskin & Harcourt LLP
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The Budget Implementation Act, 2022, No. 1 (the Act), first introduced on April 28, 2022, received royal assent on June 23, 2022. The Act largely implements some of the tax measures announced in the 2022 Federal Budget...

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Oleg Chayka
Oleg Chayka
Ilana Ludwin
Ilana Ludwin
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The Budget Implementation Act, 2022, No. 1 (the Act), first introduced on April 28, 2022, received royal assent on June 23, 2022. The Act largely implements some of the tax measures announced in the 2022 Federal Budget (for more details, please see the Osler Update dated April 7, 2022). However, the Act also implements important legislative amendments to the Special Economic Measures Act, Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) and certain other legislation relating to the seizure and disposition of property that is owned, held or controlled, directly or indirectly, by certain foreign persons, and the use of net proceeds from the disposition of that property.

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