The Update anticipates a deficit of $66.9 billion for 2025-26 and projects deficits of $65.3 billion for 2026-27 and $63.1 billion for 2027-28. The Update, which does not include any new changes to the corporate or personal income tax rates, provides details on the accelerated capital cost allowance (CCA) for eligible liquefied natural gas (LNG) equipment and facilities, and updates the design of the Carbon Capture, Utilization, and Storage (CCUS) tax credit. The Update also makes permanent the capital gains tax exemption on the sale of a business to an employee ownership trust and workers cooperative, extends the temporary grace period under the home buyers’ plan and revises the application process for the Disability Tax Credit, among other changes.
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