Federal budget 2023: What you need to know

The federal government doubled down on its commitments to make wealthy people and corporations pay “their fair share” in the 2023 federal budget, releasing details of the new alternative minimum tax and changing the tax treatment of dividends on Canadian shares for financial institutions. The budget also finally addressed intergenerational business transfers by shutting down loopholes left in Bill C-208.

Accompanying the “tax fairness” measures were ones aimed at vulnerable taxpayers, such as a crackdown on predatory lending and adding siblings as qualifying family members for RDSPs.

Read all about these and other issues that matter to advisors.

Feds to overhaul alternative minimum tax in bid to target top earners

Government proposes changes to financial institutions’ dividend deduction

Government proposes including siblings in definition of ‘qualifying family member’ for RDSPs

Budget 2023 shuts down loopholes left in Bill C-208

Feds boost limit on allowable EAP withdrawals from RESPs

Employee ownership trusts introduced, but with no incentives

Liberals go after predatory lending

Government moving to increase oversight of bank, pension exposure to crypto

Budget promises reform to banking complaints

Budget seeks to expand financials’ diversity disclosure, virtual meetings

Federal budget 2023 includes $59.5B in new spending, looks to increase revenue

Feds outline $83B in clean economy tax credits in bid to compete with U.S. incentive