On March 28, 2023, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the government’s budget.

The budget:

• Introduces a refundable investment tax credit for certain clean hydrogen equipment
• Expands the refundable investment tax credit for clean technology equipment to include certain geothermal energy systems
• Announces a public consultation on a refundable investment tax credit for certain clean electricity systems and equipment
• Announces proposed labour requirements that would apply to the clean hydrogen, clean technology and clean electricity investment tax credits
• Introduces a refundable investment tax credit for certain clean technology manufacturing and processing equipment
• Expands the eligible activities and extends the phase out period for the reduced tax rates that apply to zero‑emission technology manufacturing and processing income
• Provides design and implementation details for the 2% tax on the net value of share repurchases by public corporations that was announced in the 2022 Fall Economic Statement
• Announces a consultation on specific proposals to strengthen the general anti-avoidance rule (GAAR)
• Amends the alternative minimum tax (AMT) to better target the AMT to high-income individuals
• Amends the rules introduced by Bill C-208 that facilitate certain intergenerational business transfers, to ensure that they apply only when a genuine intergenerational business transfer occurs
• Introduces rules to define and facilitate the use of Employee Ownership Trusts to acquire and hold shares of a business

Full Budget: https://www.budget.canada.ca/2023/report-rapport/toc-tdm-en.html