Canada Lower House Considers Bill to Implement Spring Economic Update Tax Measures Tabled in April

The Canadian House of Commons April 29 accepted for consideration Bill No. C-30, to implement tabled tax measures in the Spring economic update. The bill includes measures to: 1) increase the annual limit on eligible labor mobility deduction expenses to C$10,000 (US$7,355), and reduce the distance eligibility threshold to 120 kilometers, from 2026; 2) make permanent the capital gains tax exemption for businesses sold to an employee ownership trust or worker cooperative; 3) extend the grace period for repayment relief under the Home Buyers’ Plan to qualified withdrawals with a completion date between 2022 and 2030; 4) provide a temporary ...