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Federal Government provides detail on equity repurchase tax and proposes other income, sales and excise tax amendments

On March 28, 2023, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the Liberal Government’s federal budget, “A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future” (“Budget 2023”). Among other things, Budget 2023 provides details on the proposed 2% tax on equity repurchases by Canadian public corporations (other than mutual fund corporations) and certain other entities whose shares or units are listed on a designated stock exchange, which would apply to transactions that occur on or after January 1, 2024.

For a discussion of Budget 2023’s tax measures that are most relevant to businesses and their owners, please see McCarthy Tétrault’s Budget 2023 Commentary.



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