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March 8, 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.

Tax updates:

  • Canada - Tax treatment of recovery benefits: Bill C-12 (introduced on February 8, 2022) received royal assent on March 3, 2022. Bill C-12 excludes COVID-19 response benefits from an individual’s income for the purposes of calculating the amount of the guaranteed income supplement and allowances payable (under the Old Age Security Act) starting July 2022.

  • Yukon - Business investment tax credit: The Yukon government is proposing to extend to December 31, 2026 two enhancements to the business investment tax credit that were partially scheduled to end on December 31, 2022. This will allow Yukon businesses more time and flexibility to make use of these temporary benefits where the COVID-19 pandemic had disrupted plans to raise capital.  

Other updates:

  • Nova Scotia - State of emergency extended: The provincial state of emergency is extended until March 20, 2022.

  • Nunavut - Public health emergency extended: The territorial public health emergency is extended until March 17, 2022.

Links to government announcements:

Contact us

Dean Landry

CPA, CA, CFP, National Tax Leader, Toronto, PwC Canada

+1 416 815 5090

Email

Shawn Reain

CPA, CA, National Tax Markets Lead, Compliance.Transformed leader, Partner, Calgary, PwC Canada

+1 403 509 6373

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Kent Smith

Partner, Ottawa, PwC Canada

+1 613 755 8742

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Éric Labelle, LL.L.

LL.L, Quebec Tax Markets Leader, Montreal, PwC Canada

+1 514 205 5063

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Julien Lassonde

Partner, PwC Associates, National Incentives Leader, Montreal, PwC Canada

+1 418 997 4019

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Liam Fitzgerald

CA, LLB, Tax Operations Leader (Competency), Toronto, PwC Canada

+1 416 869 2601

Email