Canada MOF Releases Budget 2023

The Canadian Department of Finance March 28 released the 2023 budget. The budget includes proposed measures to: 1) clarify tax rules and qualifying conditions for Employee Ownership Trusts (EOT); 2) extend the capital gains reserve, to 10 years from five years, for qualifying business transfers to an EOT; 3) increase the maximum employment deduction for tradespeople’s tools, to C$1,000 (US$736) from C$500 (US$368); 4) limit Alternative Minimum Tax (AMT) preferences for high-income individuals, and increase the AMT rate to 20.5 percent from 15 percent; 5) introduce a clean hydrogen investment tax credit and determine eligible projects, equipment, and credit rates; ...