Ottawa: The Government of Canada has launched a series of consultations with Canadians on Budget 2023 measures to grow the clean economy; create new opportunities for workers; strengthen the government’s ability to fight money laundering and terrorist financing; modernize multinational business taxation to ensure tax fairness for Canadians and Canadian businesses; and consolidate Canada Mortgage Bonds into the Government of Canada’s regular borrowing program, in order to redirect savings to affordable housing programs.
Canadians are invited to share their views and feedback on the proposed measures as the government works towards implementation of these previously announced priorities.
The government is also seeking views on RBC’s proposed acquisition of HSBC Bank Canada.
Growing Canada’s Clean Economy was a central pillar of Budget 2023, including a list of clear and predictable investment tax credits. The government is seeking feedback on design details for the:
• New, refundable Clean Electricity Investment Tax Credit and Clean Technology Manufacturing Investment Tax Credit;
• Clean Hydrogen Investment Tax Credit, announced in the 2022 Fall Economic Statement;
• Clean Technology Investment Tax Credit, introduced in the 2022 Fall Economic Statement; and
• Proposed enhancements to the Investment Tax Credit for Carbon Capture, Utilization, and Storage, which were introduced in Budget 2023.
As the Department of Finance works to develop specific design details of these investment tax credits, it welcomes stakeholder organizations and individuals to submit their comments to cleangrowthITC-CIIcroissancepropre@fin.gc.ca.
Labour requirements will be attached to a number of these investment tax credits, as detailed in Budget 2023. The government will continue to consult with unions and other stakeholders on these tax credits to ensure fair pay for workers. The government is consulting with Canadians and Canadian businesses on the reciprocal treatment of its clean economy measures, including domestic content requirements. The government is considering matching other countries’ domestic content requirements with similar restrictions in Canada.
Ensuring Fair Opportunities for Canadian Workers with Federal Reciprocal Procurement. This will include ensuring the government buys goods and services from countries that grant Canadian businesses a similar level of access to their government procurement markets and contracts. The government will begin targeted engagement with provinces and territories, industry stakeholders, and workers and unions on concrete measures.
Combatting Money Laundering and Terrorist Financing, as announced in Budget 2023, by strengthening Canada’s Anti-Money Laundering and Terrorist Financing (AML/ATF) Regime. Consultations will examine a broad range of issues to strengthen the AML/ATF Regime
Reforming and Modernizing Canada’s Transfer Pricing Rules to uphold the integrity of the tax system, ensure tax fairness, and preserve Canada’s attractiveness as a destination for investment and business activity
Consolidating Canada Mortgage Bonds into the regular Government of Canada borrowing program to ensure efficient pricing of government-backed AAA-rated bond offerings.
Royal Bank of Canada’s Acquisition of HSBC Bank. Determining whether or not the acquisition should be approved.