Canada MOF Seeks Comments on Draft 2023 Budget Measures

The Canadian Department of Finance Aug. 4 opened a consultation on draft legislation to enact 2023 tax-related budget measures. The draft legislation includes measures to: 1) grow the country’s clean economy under provisions for carbon capture, clean technology, and clean hydrogen investment tax credits, a minimum exploration tax credit, and reduced tax rates for zero-emission technology manufacturers; 2) provide tax relief associated with the income tax and GST/HST treatment of credit unions; 3) close tax loopholes though an alternative minimum tax for high-income individuals, modernization of a general anti-avoidance rule, and a tax on equity repurchases, including share buybacks; 4) ...