Article Posted date
29 March 2023
1 min read
In particular, the budget introduces several changes that may have an important effect on financial institutions, including banks and insurance companies, such as:
- Dividend Deduction
- Tax on repurchases of equity
- Pillar II — Global Minimum Tax
- GST/HST treatment of payment card clearing services.
In addition, asset management companies may want to review the following new 2023 federal budget measures to determine how they are affected:
- Tax on repurchases of equity
- Alternative minimum tax for high income individuals
- Flow-through share critical mineral exploration tax credit
- Green innovations and incentives
- Tax treatment of credit unions.
In addition to these measures, affected companies should also be aware of other previously announced measures that were not covered in the 2023 federal budget.
Download this edition of the TaxNewsFlash to learn more.
