An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 3, 2022 and certain provisions of the budget tabled in Parliament on April 7, 2022
Sponsor: Chrystia Freeland, Deputy Prime Minister and Minister of Finance (University—Rosedale)
Proposed changes
Part 1 implements certain measures in respect of the Income Tax Act by (a) providing that any gain on the disposition of a Canadian housing unit within a one-year period of its acquisition is treated as business income; (b) introducing a Tax-Free First Home Savings Account; (c) phasing out flow-through shares for oil, gas and coal activities; (d) introducing a new 30% Critical Mineral Exploration Tax Credit for specified mineral exploration expenses incurred in Canada and renounced to flow-through share investors; (e) introducing the Canada Recovery Dividend under which banks and life insurers’ groups pay a temporary one-time 15% tax on taxable income above $1 billion over five years; (f) increasing the corporate income tax rate of banks and life insurers’ groups by 1.5% on taxable income above $100 million…
Part 2 amends the Excise Act, 2001 and other related texts in order to implement changes to (a) the federal excise duty frameworks for cannabis and other products by, among other things, (i) permitting excise duty remittances for certain cannabis licensees to be made on a quarterly rather than a monthly basis, starting from the quarter that began on April 1, 2022, and (ii) allowing the transfer of packaged, but unstamped, cannabis products between licensed cannabis producers; and (b) the federal excise duty framework for vaping products in relation to the markings, customs storage and excise duty liability of these products.
Part 3 amends the Underused Housing Tax Act to make amendments of a technical or housekeeping nature. It also makes regulations under that Act in order to, among other things, implement an exemption for certain vacation properties.
Division 1 of Part 4 authorizes the Minister of Finance to acquire and hold on behalf of His Majesty in right of Canada non-voting shares of a wholly-owned subsidiary of the Canada Development Investment Corporation that is responsible for administering the Canada Growth Fund and to requisition the amounts for the acquisition of those shares out of the Consolidated Revenue Fund.
Division 2 of Part 4 amends the Bretton Woods and Related Agreements Act to increase the maximum financial assistance that may be provided in respect of foreign states. Subdivision A of Division 3 of Part 4 enacts the Framework Agreement on First Nation Land Management Act . Subdivision B of Division 3 of Part 4 contains transitional provisions in respect of the enactment of the Framework Agreement on First Nation Land Management Act and makes consequential amendments to other Acts. It also repeals the First Nations Land Management Act .
This is shortened to the first five points. The bill itself covers more.