Federal Budget 2023—no big changes but maximum minimums!

By Admin 2023/04/12

Finance Minister Chrystia Freeland tabled the 2023 Federal Budget on March 28, 2023. There were no tax rate increases and the capital gains inclusion rate hasn’t changed. However, a revamped alternative minimum tax and a global minimum tax for multinational enterprises are at the center of what will fund investments in clean technology, health care, and affordability items (like grocery rebates).

Also, of interest to insurance and investment advisors are measures concerning business succession, proposals for consultation on the general anti-avoidance rule, and some targeted items. Our summary of the items of most interest follows.