Over the past few days a number of articles have been published listing items that have been leaked or expected to be in today’s Federal Budget, to be tabled at 4:00 p.m. EDT. Many of the items were included in throne speeches or included in election platforms. They include:
no capital gains rate or principal residence changes
no wealth tax
luxury tax on items like yachts (new cars and private aircraft valued at more than C$100,000)
extension of wage and rent subsidy programs to the autumn
introduction of the Canada Recovery Hiring Program
taxation of vacant residential property owned by non-resident, non-Canadian owners
limitation of interest expense deduction, with exceptions for small businesses
introduction of national childcare program
closing loopholes and tackle tax evasion
sales tax for online platforms and e-commerce warehouses
digital services tax for Web giants
Sources and further information:
Canada's budget to include pandemic and childcare supports, luxury tax - Reuters
Freeland’s budget to include plans for $10-a-day child care, new hiring credit for employers - Globe and Mail
Canada to set aside C$12 bln to extend main pandemic supports in budget - National Post
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