On March 28, 2023, the Honourable Chrystia Freeland tabled a new federal budget (the “2023 Budget”). The 2023 Budget sets out the Government of Canada’s spending priorities for the years ahead. These priorities include making life more affordable, investing in health care and dental care, advancing Indigenous reconciliation, and supercharging Canada’s clean technology sector in response to the US Inflation Reduction Act.
The 2023 Budget also follows through on some previously proposed tax measures, such as raising the Alternative Minimum Tax (AMT) rate[1] and imposing new penalties on transactions that are subject to the General Anti-Avoidance Rule (GAAR).[2] These proposals, which our Tax Group discusses in a separate article, may be of relevance to high net worth donors planning to make large or complex tax-driven gifts.
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