Federal Budget Implementation

On June 23, 2022, Bill C-19, Budget Implementation Act, 2022, No. 1, received royal assent. The new law includes tax measures announced in the 2021 and 2022 federal budgets.

Bill C-19 contains:

  • A Labour Mobility Deduction for Tradespeople to provide tax relief on eligible travel and temporary relocation expenses to reduce labour shortages.

  • Expanding the government's ability to select permanent resident applicants from the Express Entry System that match Canada's economic and labour force needs.

  • Cutting the general corporate and small business income tax rates in half for businesses that manufacture zero-emission technologies, and expanding an existing tax incentive for business investments in clean energy equipment.

  • Providing the Canada Revenue Agency (CRA) the discretion to accept late applications for the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and the Canada Recovery Hiring Program.

  • Amending thePension Benefits Standards Act, 1985to, among other things, permit the establishment of a solvency reserve account in the pension fund of certain defined benefit plans and require the establishment of governance policies for all pension plans.
  • Mandatory electronic remittance or payment:
    • The remittance or payment of an amount to the Receiver General of Canada for the 2022 calendar year must be made as an electronic payment if the amount is more than $10,000. Failure to do this will result in a $100 penalty for each failure.

More details on Bill C-19 Budget Implementation Act are available here.

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