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Information is accurate as at 3:00 p.m. EDT. Information may be affected by subsequent announcements.
Links to government announcements follow at the end of the update.
Canada - 2022-23 federal budget released: Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the federal government’s 2022‑23 budget, projecting a deficit of $52.8 billion for 2022‑23, and then gradually improving to a projected deficit of $8.4 billion in 2026‑27. For more information, see our Tax Insights “2022 Federal budget: Encouraging affordable housing and sustainability.”
Manitoba - 2022-23 budget released: The Manitoba government released its budget for 2022-23, projecting a deficit of $548 million. The budget does not change corporate or personal income tax rates, but does: (i) introduce the Residential Renters Tax Credit, effective the 2022 taxation year (to replace the renters component of the Education Property Tax Credit), which will provide a maximum annual amount of $525; (ii) increase the thresholds at which employers are subject to the Health and Post-Secondary Education Tax (i.e. payroll tax), effective January 1, 2023; (iii) make the Community Enterprise Development Tax Credit and the Small Business Venture Capital Tax Credit permanent; and (iv) continue to phase‑out education property taxes, by increasing the Education Property Tax Rebate for residential and farm properties from 25% in 2021 to 37.5% in 2022 and 50% in 2023 (the rebate remains 10% for other properties).