March 22, 2022 update

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.

New Brunswick - 2022-23 budget released: The New Brunswick government released its budget for 2022-23, projecting a surplus of $35.2 million. The budget does not change personal or corporate income tax rates, but does: (i) for the 2022 taxation year, increase the province’s basic personal amount to $11,720 (from $10,817) and low income tax reduction threshold to $19,177 (from $18,268); and (ii) starting in the 2022 property taxation year, reduce provincial property tax rates over a three-year period (the first phase of which will be reflected in 2022 property tax bills that will be issued on April 1, 2022). In addition, the province’s carbon tax rate will increase from $40 to $50 per tonne of carbon‑dioxide‑equivalent emissions on April 1, 2022.
Quebec - 2022-23 budget released: The Quebec government released its 2022‑23 budget, projecting a deficit of $6.5 billion. The budget does not change personal or corporate income tax rates, but does (among other proposed measures): (i) introduce a refundable tax credit granting a one-time payment of up to $500 to eligible individuals in the 2022 calendar year (based on an individual’s 2021 income tax return), to offset the recent increase in the cost of living; and (ii) extend by one year, to December 31, 2023, the temporary doubling of tax credit rates for the refundable tax credit for investment and innovation. For more information, see our upcoming Tax Insights, which will be available at www.pwc.com/ca/budget.

Quebec - State of health emergency: The Quebec government tabled a legislative bill on March 16, 2022 that, upon assent, will end the province's state of health emergency. The bill has not yet received assent.
Yukon - Public health restrictions relaxed: Effective March 18, 2022: (i) the requirement to wear a mask is lifted in most public places (excluding schools and some other institutions); and (ii) the requirement to show proof of vaccination against COVID-19 to access public places is lifted.