2022 Federal budget

Encouraging affordable housing and sustainability

On April 7, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the federal government’s budget. Read more about the tax initiatives proposed in the budget in our in-depth Tax Insights.

Key highlights:

  • The Canada Recovery Dividend, a one-time 15% tax on banks and life insurers, and a proposed additional 1.5% tax on banking and life insurer groups

  • A refundable tax credit for carbon capture, utilization and storage, and the Critical Mineral Exploration Tax Credit   

  • A public consultation on the Canadian implementation of OECD model rules that introduce a global minimum tax (Pillar Two) for large multinational enterprises

  • The Tax-Free First Home Savings Account, a new registered account for first-time homebuyers, and a doubling of the First-Time Home Buyers’ Tax Credit

Explore the findings

Illustration of people stacking money

2022 Provincial and Territorial budgets

The release dates for provincial and territorial budgets are noted. If the budget announces significant tax measures, we will also prepare a Tax Insights publication that summarizes its impacts.

February 24, 2022                           
British Columbia
February 22, 2022 • Tax Insights
April 12, 2022
New Brunswick
March 22, 2022
canada-flags-nl.png Newfoundland and Labrador
April 7, 2022
Nova Scotia
March 29, 2022 • Tax Insights
April 28, 2022 • Tax Insights
Prince Edward Island
February 24, 2022                            
March 22, 2022 • Tax Insights
March 23, 2022
Northwest Territories
February 22, 2022
May 26, 2022
March 3, 2022

Contact us

Dean Landry

Dean Landry

National Tax Leader, PwC Canada

Tel: +1 416 815 5090