Finance Minister Chrystia Freeland delivered the government’s 2023 Fall Economic Update on November 21, 2023. The Update anticipates a deficit of $40.0 billion for 2023-24 and forecasts deficits of $38.4 billion for 2024-25 and $38.3 billion for 2025-26. Although the Update does not include any personal or corporate tax rate changes, it provides relieving changes for the Underused Housing Tax (UHT), enhances the Canadian Journalism Labour Tax Credit, provides additional design details on previously announced clean economy credits and proposes new rules for GST/HST joint venture elections.
Although Finance notes that it will provide more specific details on some of these announcements in the future, Finance did release draft legislation for consultation for GST/HST joint venture elections and proposed changes to the UHT.
Download this edition of the TaxNewsFlash to learn more.
