On Tuesday March 28, 2023, Finance Minister Chrystia Freeland tabled the Liberal government’s 2023–24 Federal Budget in Parliament, with the document subtitled: “A Made–in–Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future”.
Note that a Budget is a statement of the governing party’s intention. Until passed into law, its content is to be considered as proposals, particularly where the ruling party has a minority of the seats, as is the case presently. This summary highlights provisions relevant to savings, investment and financial planning of individuals, families and small businesses. We begin with a summary of current tax rates, then turn to the Budget’s themes:
Federal Income Tax Brackets & Rates
• Individual Bracket Indexing 2022 to 2023
• Corporations
Making Life More Affordable
• Grocery Rebate
• Junk Fees
• Predatory Lending
• Right to Repair
• Common Chargers for Your Devices
• Automatic Tax Filing
Health and Dental
• The New Canadian Dental Care Plan
• Oral Health Access Fund
Education and students
• Making Life More Affordable for Students
• Improving Registered Education Savings Plans
Savings and retirement
• Registered Disability Savings Plans
• Retirement Saving – Personal Support Workers
• Retirement Compensation Arrangements
Lifestyle
• Protecting Passenger Rights
• Air Travellers Security Charge
• Alcohol Excise Duty
Small business and workers
• Deduction for Tradespeople’s Tool Expenses
• Credit Card Fees for Small Businesses
• Employee Ownership Trusts
• Family Business Transfers (Bill C-208)
• Alternative Minimum Tax
• General Anti–Avoidance Rule