Local NewsCentralFinanceNewsYour Money How does Canada’s 2023 Budget affect you and your family under the current inflationary climate? By Ricardo - April 4, 2023 0 Share FacebookTwitterPinterestWhatsApp Table of Contents Toggle Canada’s 2023 Budget has introduced some new proposals intended to help you and your family combat rising inflation. Issues such as a grocery rebate, changes to registered accounts, and a national dental care plan. We are here to summarize the key points that should interest you.Finance Minister Chrystia FreelandCanada’s 2023 Budget introduces a one-time grocery rebateDental care for uninsured Canadians has been expandedCanada’s 2023 Budget addressed post-secondary education costs with RESP enhancementsChanges are coming to your RDSPsCanada’s 2023 Budget hasn’t made any changes to the Capital gains tax However, there is some relief for high-income earners. The alternative minimum tax (AMT) which is currently in place, applies an alternative tax calculation to a taxpayer’s income. The formula returns certain tax deductions, credits and exemptions and applies a flat tax rate to see if the actual tax payable is lower than the alternative calculation. If it is, the taxpayer must pay the AMT for the year instead.Tax implemented on Assignment sales to discourage flippingThe general anti-avoidance ruleMulti-generational transfers get addressedWhat effects will all these changes have on Economic Production(GDP)Summarizing Canada’s 2023 Budget Membership Required This content is available to members only. Sign up to unlock access or log in if you already have an account. Sign Up Log In
