Businesses and individuals should be aware that Canada has now enacted many outstanding tax proposals, some of which date back as far as 2022. Specifically, the government has passed sweeping new tax changes previously announced in the 2022, 2023 and 2024 federal budgets and 2023 federal economic update, along with certain technical amendments. These measures include the Excessive Interest and Financing Expenses Limitation (EIFEL) rules, changes to the general anti-avoidance rule (GAAR) and legislation for the Global Minimum Tax Act (GMTA), among other measures. These and other measures were included in Bill C-59 and Bill C-69 which received Royal Assent on June 20, 2024. Note that the amendments to increase the capital gains inclusion rate, which were previously announced in the 2024 federal budget, were not included in Bill C-59 and Bill C-69, as these changes have not yet been introduced in a bill.
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