An Act to implement certain provisions of the budget tabled in Parliament on April 7, 2022 and other measures
Budget Implementation Act, 2022, No. 1. Royal assent June 23, 2022 (S.C. 2022, c. 10). Implements key measures from the April 7, 2022 federal budget. Key provisions: a 1.5% temporary surtax on bank and life-insurer profits over $1 billion (the Canada Recovery Dividend, which raised $5 billion over five years), the new 2% share-buyback tax on public corporations (effective 2024), expanded Multigenerational Home Renovation Tax Credit, the federal Anti-Flipping Tax on residential property held under 365 days, and the Canada Dental Benefit for low-income children under 12 (interim program preceding the Canadian Dental Care Plan). Sponsored by Chrystia Freeland as Minister of Finance and Deputy Prime Minister.
Status
Quick learn
Made the April 2022 federal budget into law. Big-ticket items: launched the Tax-Free First Home Savings Account (FHSA), put a one-time "Recovery Dividend" tax on big banks and insurers, and created the framework for the Canada Disability Benefit.
Issues this bill touches
- Tax & Fiscal Policy
Implements key provisions from the 2022 federal budget: dental care for children, housing-accelerator fund, anti-flipping tax.
Legislative history
- First reading
First reading in the House of Commons.
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Second reading in the House of Commons.
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Third reading in the House of Commons.
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First reading in the Senate.
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Second reading in the Senate.
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Third reading in the Senate.
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Royal assent received.
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Sponsored by
Chrystia FreelandLIBERALOfficial source
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