Economic Update – Government of Canada

Courtesy of NVS Tax and Audit Services and RSM

Alternate text

Economic statement 2022

On Nov. 3, 2022, Canada’s Minister of Finance released the Fall Economic Statement, which provides an overview of Canada’s finances and sets out new tax measures.

Economic statement 2022

TAX ALERT | November 08, 2022

Authored by RSM Canada

Executive Summary

On Nov. 3, 2022, Canada’s Minister of Finance, Chrystia Freeland, released Canada’s Fall Economic Statement; the government’s first update in the wake of high inflation, increasing interest rates and economic uncertainty. The 2022 Fall Economic Statement introduces several new tax measures and affirms the government’s intention to proceed with previously announced tax measures, although the implementation date of some key measures is being delayed (trust reporting rules, mandatory disclosure rules and excessive interest and financing expense limitation rules).

Along with the 2022 Fall Economic Statement, the government both (i) released draft legislation for public consultation in respect of some tax measures and (ii) introduced Bill C-32 into Parliament to implement many other tax measures. This alert summarizes the key measures from the government’s Fall Economic Statement, draft legislation, and the proposed legislation currently before Parliament.

Read the entire article here: https://resources.nvsca.ca/project/economic-statement-2022/

Strength in Collaboration

At NVS, we want to be your financial advocate. One dedicated to strengthening your overall business in ways you can’t alone. Whether it be acting in a corporate advisory capacity, advising on tax and compliance, streamlining financial reporting, or performing audits and reviews, discover how we create a more transparent financial picture for your business.

For more information, please visit our website or call us. Learn More: For other videos and articles, please visit our Insights Gallery.

Patricia Dent

Leave a Reply

Your email address will not be published. Required fields are marked *