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ARTICLE · 15 APRIL 2022

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2022 Federal Budget: Selected Tax Measures

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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On April 7, 2022 (Budget Day), the Minister of Finance introduced Canada's 2022 Federal Budget (Budget 2022). While taxpayers may be relieved that Budget 2022 does not include an increase...

CanadaTax
Blakes Tax Group
Blakes Tax Group
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On April 7, 2022 (Budget Day), the Minister of Finance introduced Canada's 2022 Federal Budget (Budget 2022). While taxpayers may be relieved that Budget 2022 does not include an increase to the capital gains inclusion rate or restrictions on the principal residence exemption, Budget 2022 does include a number of significant changes applicable to financial institutions, private companies, and businesses more generally. An executive summary of these changes follows, with further details below.

A less than welcome element of Budget 2022 is the prevalence of proposed tax changes with retroactive effect to transactions occurring before Budget Day. These include the proposals relating to taxation of Canadian-controlled private corporations (CCPCs), the new Canada Recovery Dividend, and the proposed application of the General Anti-Avoidance Rule (GAAR) to the creation (as opposed to use) of tax attributes. While technically legal, this is a troubling approach from the

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