Canada: 2023 federal budget (Bill C-47) receives Royal Assent

Business, individual (personal), and indirect tax measures

Business, individual (personal), and indirect tax measures

Bill C-47—which implements certain outstanding business, individual (personal), and indirect tax measures—received Royal Assent on 22 June 2023.

The bill includes, among other measures:

  • Expanded mandatory disclosure rules that require taxpayers to disclose certain “reportable transactions” and “notifiable transactions” entered into as of 23 June 2023
  • New reporting requirements for digital platform operators
  • Changes related to hedging and short selling by Canadian financial institutions
  • Indirect tax measures from the 2023 federal budget that affect the goods and services tax / harmonized sales tax (GST/HST) treatment of payment card clearing services, pension plans, and crypto asset mining

The tax measures in Bill C-47 were previously announced in the 2021, 2022, and 2023 federal budgets and 2022 federal economic update, along with previously announced technical amendments.

Read a June 2023 report prepared by the KPMG member firm in Canada



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