An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023
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 and the Income Tax Regulations by (a) enabling the Canada Revenue Agency (CRA) to use electronic certification of tax and information returns and requiring taxpayers to file electronically in certain circumstances; (b) doubling the maximum deduction for tradespeople’s tools from $500 to $1,000; (c) providing that any gain on the disposition of a right to acquire Canadian housing property within a one-year period of its acquisition is treated as business income; (d) excluding from a taxpayer’s income certain benefits for Canadian Forces members, veterans and their spouses or common-law partners…
Part 2 implements certain measures in respect of the Excise Tax Act and a related text by (a) clarifying that the international transportation of money benefits from Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief and other special rules in the same manner as a service of internationally transporting other kinds of freight; (b) permitting a pension entity, in specific circumstances, to claim the pension entity rebate or an input tax credit, or to make the pension entity rebate election, after the end of the two-year limitation period; (c) specifying that cryptoasset mining is generally not considered a supply for GST/HST purposes; and (d) ensuring that payment card clearing services are excluded from the definition “financial service” under the GST/HST legislation.
Part 3 amends the Excise Act , the Excise Act, 2001 and the Air Travellers Security Charge Act in order to implement two measures.
Division 1 of Part 3 amends the Excise Act and the Excise Act, 2001 in order to temporarily cap the inflation adjustment for excise duties on beer, spirits and wine at two per cent, for one year only, as of April 1, 2023.
Division 2 of Part 3 amends the Air Travellers Security Charge Act to increase the air travellers security charge that is applicable to air travel that includes a chargeable emplanement after April 2024 and for which any payment is made after April 2024.
This is shortened to the first five points. The bill itself covers more.