2023 Federal Budget Commentary

2023 Federal Budget Commentary

On March 28, 2023, the Federal Government tabled Budget 2023, which proposed a broad array of provisions impacting many individuals and businesses. Perhaps most importantly, the Budget did not include any changes to the personal or corporate tax rates or the inclusion rate on taxable capital gains. Some of the items of interest include the following:

  • Intergenerational Business Transfers – Amendments were introduced to ensure that relieving provisions (implemented in Bill C-208 in 2021) will only apply to genuine intergenerational business transfers, requiring:
    • control by the child,
    • activity of the child in the business, and
    • active business continuing through a 3 or 10-year term, depending on the situation.
  • Introduction of employee ownership trusts to facilitate business sales to employees.
    Significant modifications to the alternative minimum tax (AMT) to target high-income earners.
    Modifications to RESPs and RDSPs to add additional flexibility.

Please download our in-depth commentary document for more details on these items.

Do not hesitate to contact us if you have any questions.

A picture of government buildings with "Federal Budget Commentary 2023"
Testimonial from Rob Waterman - President at Waterman Sales Ltd.

We have been in Business since 1992 and had an accountant who was a family friend. When he retired, we needed to find a new accountant. Jacob at Hendry Warren was recommended to us through our Lawyer. We met with him and were impressed immediately; over the years we have gotten to know more of the staff and are equally impressed. They have done our company taxes, company valuations, share purchases, tax planning, covid relief, personal taxes, etc. All of which have gone very smoothly. Hendry Warren is aware of new legislation and has helped us grow as a company.

Rob Waterman (President at Waterman Sales Ltd.)
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Hendry Warren is a very professional organization who are very sensitive to client needs and timelines. Marie Fraser and all of the staff that I have met and worked with exhibit the same degree of courtesy and professionalism. It is always a pleasure working with them.

Lynn LaHam ( CPA, CGA, Crossroads Children’s Centre)
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Hendry Warren LLP has been easy to work with, dependable, personable and professional and are always available when we need them. The annual audit process is efficient and timely and their staff is always knowledgeable and well prepared.

Chris Jerome, Treasurer (Habitat for Humanity – National Capital Region)
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From the partners to the new graduates, the quality of service and advice were second to none…we rely heavily on the advice we are given from both an audit and tax perspective…I know that our firm can count on Hendry Warren LLP to be accurate, timely and professional at all times.

Don Silverman (CFO Sciemetric)
Testimonial from Gordon Miller - President, UNIGLOBE Premiere Travel

In every instance where advice or assistance has been needed it has been provided with clarity and timeliness. And with a very satisfactory outcome. Our accounting staff have always appreciated the efficiency of Hendry-Warren team assigned to our audits and review engagements. We appreciate that Hendry-Warren LLP is able to support our needs as a paperless group of companies.

Gordon Miller (President, UNIGLOBE Premiere Travel)
Testimonial from Les Bell, - CPA, CA, President, Lincoln Heights Ford Sales Ltd.

Ian Hendry is a truly responsive and responsible partner in our business and has been for over 20 years. I would (and have) recommend his services to everyone.

Les Bell, (CPA, CA, President, Lincoln Heights Ford Sales Ltd.)
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I have used Marie Fraser and her team at Hendry Warren for business, personal and special projects. Deep enough bench strength to cover anything, and small enough to pay attention.

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Jacob has been invaluable over the past 18 months in assisting with the incorporation and start-up of my new business venture. I trust Jacob's advice on complicated income tax and HST matters to allow me to focus on what is most important - my business!

Rupert Bonham-Carter (field_5cebff5066bfc)
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