See Measures targeting financial institutions below. In addition, a Canada Recovery Dividend in the form of a one-time tax of 15% is proposed to apply to these entities based on taxable income above $1 billion for the 2021 tax year. Detailed discussion Business income tax measures Corporate tax ratesīudget 2022 proposes raising the general corporate income tax rate by 1.5% (from 15% to 16.5%) on banks and life insurers (and any financial institution that is related to a bank or a life insurer), effective for taxation years ending after 7 April 2022. The pandemic debt we incurred to keep Canadians safe and solvent must - and will - be paid down.” Our deficits must continue to be reduced. Speaker, let me be very clear: we are absolutely determined that our debt-to-GDP ratio must continue to decline. In her budget speech, Minister Freeland stated, “Mr. This budget focuses on priorities including: investing in building more homes and making the housing market fairer for Canadians making it easier for skilled immigrants to make Canada their home and to do the jobs they’re trained for making it more affordable for people working in the skilled trades to travel to where the work is investing in high-quality, affordable child care for more Canadians investing in Canada’s abundant metals and minerals that are essential to the transition to a green economy making investments in productivity and innovation and increasing investment in the Canadian Armed Forces and undertaking a defense policy review to respond to the more dangerous geopolitical situation.
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On 7 April 2022, federal Finance Minister Chrystia Freeland tabled her second budget.
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