On April 19, 2021, the Honourable Chrystia Freeland tabled her first budget as federal Minister of Finance. The federal government initially predicted deficit for 2020-21 to be $381.6 billion, the new budget revises this down to $354.2 billion. The deficit for 2021-22 is predicted to be $154.7 billion.
No changes were made to income tax rates. There are no changes to the capital gains inclusion rate and no changes to the principal residence exemption. The Government has committed to extending the COVID-19 support and benefit programs. Additional tax measures have been tabled.
Please find our summary of the federal budget here: LINK