Federal Budget 2023: Previously Announced Measures

Budget 2023 confirms the government’s intention to proceed with the following previously announced tax and related measures, as modified to take into account consultations and deliberations since their release.

• Legislative proposals released on November 3, 2022 with respect to Excessive Interest and Financing Expenses Limitations and Reporting Rules for Digital Platform Operators.
• Tax measures announced in the Fall Economic Statement on November 3, 2022, for which legislative proposals have not yet been released, including: automatic advance for the Canada workers benefit; investment tax credit for clean technologies; and extension of the residential property flipping rule to assignment sales.
• Legislative proposals released on August 9, 2022, including with respect to the following measures:
• borrowing by defined benefit pension plans;
• reporting requirements for Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs);
• fixing contribution errors in defined contribution pension plans;
• the investment tax credit for Carbon Capture, Utilization and Storage;
• hedging and short selling by Canadian financial institutions;
• substantive Canadian-controlled private corporations;
• mandatory disclosure rules;
• the electronic filing and certification of tax and information returns;
• Canadian forces members and veterans amounts;
• other technical amendments to the Income Tax Act and Income Tax Regulations proposed in the August 9th release; and
• remaining legislative and regulatory proposals relating to the Goods and Services Tax/Harmonized Sales Tax, excise levies and other taxes and charges announced in the August 9th release.
• Legislative proposals released on April 29, 2022 with respect to hybrid mismatch arrangements.
• Legislative proposals released on February 4, 2022 with respect to the Goods and Services Tax/Harmonized Sales Tax treatment of cryptoasset mining.
• Legislative proposals tabled in a Notice of Ways and Means Motion on December 14, 2021 to introduce the Digital Services Tax Act.
• The transfer pricing consultation announced in Budget 2021.
• The income tax measure announced on December 20, 2019 to extend the maturation period of amateur athletes trusts maturing in 2019 by one year, from eight years to nine years.
• Measures confirmed in Budget 2016 relating to the Goods and Services Tax/Harmonized Sales Tax joint venture election.

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