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
Fall Economic Statement Implementation Act, 2022. Royal assent December 15, 2022 (S.C. 2022, c. 19). Implements the November 3, 2022 Fall Economic Statement. Key provisions: one-time doubling of the GST credit (paid November 4, 2022, costing about $2.5 billion to 11 million low- and middle-income Canadians), the 2% federal share-buyback tax on public corporations, the federal Tax-Free First Home Savings Account framework, the Multigenerational Home Renovation Tax Credit, and the introduction of the Canadian Dental Benefit interim program. Sponsored by Chrystia Freeland as Minister of Finance.
Status
Quick learn
Made the November 2022 federal economic update into law. Big items: launched the FHSA tax-free first-home savings account, taxed bank-and-insurer share buybacks, and doubled the working-income tax benefit for low-income earners.
Issues this bill touches
- Cost of Living
Doubles the GST credit for six months and implements 2 percent share buyback tax. Fall 2022 affordability measures.
- Tax & Fiscal Policy
Implements the fall 2022 economic statement measures including a 2 percent share buyback tax and refundable Canada Recovery Dividend on banks and insurers.
Legislative history
- First reading
First reading in the House of Commons.
View source - Second reading
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.
View source - Royal assent
Royal assent received.
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Sponsored by
Chrystia FreelandLIBERALOfficial source
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