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ARTICLE · 09 NOVEMBER 2022

2022 Fall Economic Update – Helping Canadians And Tackling Inflation

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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On Nov. 3, 2022, the Honourable Chrystia Freeland presented the federal government's Fall Economic Statement 2022.

CanadaTax
Joelle Kabouchi
Joelle Kabouchi
Siwei Chen
Siwei Chen
Grace Pereira
Grace Pereira
Tony Zhang
Tony Zhang
Craig Webster
Craig Webster
Natalie Goulard
Natalie Goulard
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On Nov. 3, 2022, the Honourable Chrystia Freeland presented the federal government's (the government's) Fall Economic Statement 2022 (the Statement). The Statement outlines the government's plan to continue helping Canadians with the cost of living and building a country where nobody is left behind. The Statement focuses on three key priorities:

  • Making life more affordable;
  • Jobs, growth and an economy that works for everyone; and
  • Fair and effective government.

In this article, we summarize the significant tax measures affecting the Income Tax Act1(the Tax Act) that were included in the Statement.

Extension of the residential property flipping rule to assignments

Budget 2022 proposed a new deeming rule to ensure that profits from certain residential real estate transactions are subject to full taxation, rather than being preferentially taxed as capital gains (the Flipping Rule). Under the Flipping Rule, profits arising from dispositions of

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