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ARTICLE · 29 NOVEMBER 2023

The 2023 Fall Economic Statement

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On November 21, 2023, Chrystia Freeland, the Deputy Prime Minister and the Federal Minister of Finance, unveiled the 2023 Fall Economic Statement (the "Economic Statement").

CanadaTax
Sabrina Jackson-Nazareth
Sabrina Jackson-Nazareth
Kevin Yip
Kevin Yip
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On November 21, 2023, Chrystia Freeland, the Deputy Prime Minister and the Federal Minister of Finance, unveiled the 2023 Fall Economic Statement (the "Economic Statement"). While the primary emphasis of the economic statement appears to be the Federal Government's housing action plan and addressing issues of inflation and affordability, it also proposed technical updates on various tax-related matters. This article summarizes the proposed tax measures in the Economic Statement including updated implementation dates to previously announced measures.

Concessional Loans

Historically, non-forgivable loans from public authorities and concessional loans (loans from public authorities that do not bear interest or that bear interest at below-market rates) were not normally considered government assistance by the Canada Revenue Agency ("CRA") (See Interpretation Bulletin IT-273R2). However, in the 2021 decision CAE Inc. v. The Queen, 2021 CCI 57, aff'd 2022 CAF 178, the

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