On 28 April 2022, Bill C-19, introduced by the Deputy Prime Minister and Minister of Finance, was received its first reading for implementing some measures of Budget 2022. Some highlighting points are given below:
- Government banned foreign investment for two years that makes housing less affordable for Canadians; and curbing unfair practices that make housing more expensive for Canadians.
- A permanent 1.5 percentage point increase in the corporate income tax rate of banking and life insurance groups on taxable income above $100 million.
- Government will help Canadians and Canadian businesses benefit from the global transition to a clean economy, including through new incentives for the development of clean technologies and carbon capture, utilization, and storage. In addition to further investments to protect land, lakes, and oceans, the government will also make it more affordable for Canadians to purchase zero-emission vehicles, build and expand a national network of zero-emission vehicle charging stations, and make new investments in clean energy.
- This introduces a Labour Mobility Deduction for Tradespeople to provide tax relief on eligible travel and temporary relocation expenses as part of an effort to reduce labour shortages.
