Canada: Federal budget expected 7 April 2022

Canada's Deputy Prime Minister and Finance Minister Chrystia Freeland will deliver the 2022 federal budget on 7 April 2022.

The 2022 federal budget is expected to be delivered on 7 April 2022

Canada’s 2022 federal budget is expected to be delivered on 7 April 2022.

Although the government has signalled that this year’s budget may largely focus on themes such as affordability, housing and income inequality, no specific details on what measures may be under consideration have been communicated.

According to tax professionals:

  • When preparing this year’s federal budget, it’s likely that the government will draw heavily from the 2022 pre-budget report from the House of Commons Standing Committee on Finance (Finance Committee), as well as measures from its 2021 election platform.
  • It’s also possible that the upcoming budget may include some proposals based on the New Democratic Party’s policy priorities. Among other possible measures, the government may be considering a new 15% minimum tax on high-net-worth individuals, changes to increase the corporate income tax rate on certain banks and insurance companies to 18% (from 15%) on all earnings over $1 billion* and may also provide further details on a previously announced carbon capture, storage and utilization credit.

Read a March 2022 report [PDF 266 KB] prepared by the KPMG member firm in Canada that considers possible tax measures to be included in the 2022 budget

*$=Canadian dollar

 

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