On Thursday, April 7, 2022, Deputy Prime Minister and Minister of Finance Chrystia Freeland released Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable. Following the Economic and Fiscal Update from last December, Budget 2022 outlines the Liberal government’s economic roadmap to lead Canada out of the pandemic. While Freedland released a more prudent budget than anticipated, the multibillion-dollar spending package aims to put Canadians on a sustainable fiscal path with a push to address economic recovery and affordability. Budget 2022 states that the federal deficit is projected to remain at $113.8 billion for fiscal year 2021-22, down from the $144.5 billion estimated in the latest fiscal update.
This article provides a summary of the personal and business tax highlights announced in the Liberal government’s federal budget.