The Lay of the Land
Federal Government announces a federal review of housing as an asset class, and proposes various income and sales tax amendments
On April 7, 2022, Finance Minister (and Deputy Prime Minister) Chrystia Freeland tabled the Liberal Government's federal budget, A Plan to Grow Our Economy and Make Life More Affordable ("Budget 2022"). Budget 2022 proposes measures targeted at home sales including, an amendment to the Excise Tax Act to make assignment sales of newly constructed or substantially renovated residential real property taxable for GST/HST purposes. It also announces a "federal review of housing as an asset class".
For a discussion of these tax measures and others in Budget 2022, please see McCarthy Tétrault's Budget 2022 Commentary: 2022 Canadian Federal Budget Commentary – Tax Measures | McCarthy Tétrault
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