The Update anticipates a deficit of $12.9 billion for 2022-23 and projects deficits of $8.1 billion for 2023-24 and $0.7 billion for 2024-25. Although the Update does not include any new changes to the corporate or personal tax rates, it mirrors federal changes to allow more medium-sized Canadian-controlled private corporations (CCPCs) to benefit from the small business deduction, adjusts certain cultural media tax credits and extends gas and fuel tax reductions until the end of 2023, among other changes.
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KPMG in Canada provides the latest Canadian tax news and international tax news for you and your business
KPMG in Canada provides the latest Canadian and international tax news for your business