Federal budget 2022: What you need to know

Author: External Author | | Categories: Accountant , Accounting Services , Canada Revenue Agency , Cost Accounting , HST Remittance , Payroll Filing , Payroll Services , Personal Tax Filing , Personal Tax Preparations , Tax Returns , Tax Services

All of Advisor.ca’s 2022 federal budget coverage in one place. 

The 2022 federal budget left some third rails of Canadian tax policy untouched: the principal residence exemption remains intact, and the capital gains inclusion rate remains 50%.

However, the feds introduced an anti-flipping tax as well as measures aimed at supporting new homebuyers. In good news for small business owners, eligibility for the 9% small business tax rate on the first $500,000 in active business income has expanded, and the government is consulting on Bill C-208.

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Original Article Source Credits: Advisor's Edge, https://www.advisor.ca

Article Written By: NA

Original Article Posted on: April 7, 2022

Link to Original Article: https://www.advisor.ca/tax/tax-news/federal-budget-2022-what-you-need-to-know