The omnibus 1,497-page Budget Implementation Act 2022, No. 1 (Bill C-19) was introduced in the Commons April 28.
(The 443-page ways and means motion to introduce Bill C-19 which would implement some of the announced budget 2022 measures and other measures is available here.)
Bill C-19 proposes to enact many of the commitments the government made in the federal budget Freeland unveiled April 7.
Proposed measures highlighted in an April 28 Department of Finance release include:
- A two-year ban on foreign investment in Canadian housing;
- The introduction of a luxury tax on the sale of new luxury cars and aircraft with a retail sale price over $100,000, and on new boats or yachts over $250,000;
- Changes to enable the government to seize, and cause the forfeiture and disposal of assets, held by legally sanctioned people and entities, “to support Canada’s participation in the Russian Elites, Proxies, and Oligarchs Task force in light of Russia’s illegal invasion of Ukraine;”
- A Labour Mobility Deduction for Tradespeople to provide tax relief on eligible travel and temporary relocation expenses as part of an effort to reduce labour shortages;
- Making all assignment sales in respect of newly constructed, or substantially renovated, residential housing taxable for GST/HST purposes;
- Providing provinces and territories with a $2-billion “top-up” to the Canada Health Transfer;
- Implementing 10 days of paid medical leave for workers in the federally regulated private sector by no later than Dec. 1, 2022;
- Doubling the maximum amount of the Home Accessibility Tax Credit to $20,000 to help seniors and persons with disabilities make home improvements that would allow them to continue living safely in their own home;
- “Taking the first steps towards” the implementation of a publicly accessible beneficial ownership registry of federally incorporated corporations “to help counter illegal activities, including money laundering, corruption, and tax evasion;”
- Expanding the government’s ability to select permanent resident applicants from the Express Entry System that match Canada’s economic and labour force needs;
- Implementing changes to the delivery of Climate Action Incentive payments by moving from an annual refundable tax credit to quarterly payments starting in July 2022;
- Cutting in half the general corporate and small business income tax rates for businesses that manufacture zero-emission technologies, and expanding an existing tax incentive for business investments in clean energy equipment;
- Leveraging transit funding to build more homes by providing provinces and territories with up to $750 million to address pandemic-driven municipal and other transit shortfalls, and by tying that funding to efforts to improve housing supply and affordability; and
- Allowing charities to provide resources to other non-profits, in furtherance of their charitable purposes, “and ensuring that Canada’s tax rules minimize their administrative burdens and support stronger partnerships in the charitable sector, by implementing the spirit of Bill S-216, the Effective and Accountable Charities Act.”
“This legislation is delivering on our government’s plan, as laid out in this month’s federal budget, to grow our economy and make life more affordable for Canadians,” Freeland said in a prepared statement.
The Department of Finance said all the measures proposed in the Budget Implementation Act No. 1 are referenced in the text of Budget 2022.
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