Budget 2024 summer draft updates and amendments

On Aug. 12, the Department of Finance released its summer package of draft legislation and technical amendments. This proposed legislation includes substantially all outstanding measures from Budget 2024 and other previously announced amendments.

The draft legislation was split into several packages, most notably:

• Proposed legislation to introduce the Canadian Entrepreneurs’ Incentive
• Proposed updates to the Capital Gains Inclusion Rate legislation (and related sections)
• Proposed technical amendments to the Income Tax Act and Income Tax Regulations; and
• Proposed amendments to the Global Minimum Tax Act

This Tax Alert is divided into four parts based on the above package, enabling readers to focus on the areas of most importance to their practice, business and operations. To view a specific part, simply click on its title below: