Federal Budget 2022: Assessing the business tax measures
The Tax & Estate team summarizes the key measures focusing on business taxation within Canada’s Federal Budget 2022.
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The Tax & Estate team summarizes the key measures focusing on business taxation within Canada’s Federal Budget 2022.
Comments Off on Federal Budget 2022: Assessing the business tax measures
Last week, I was lucky enough to present to several different clients and to also address a group of business school students. Questions and conversations with them this week have helped to shape what’s been on my mind, especially regarding the “silver linings” I’m seeing in some concerning issues. Below, I discuss a few of them.
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As widely anticipated by the market and bank economists, the Bank of Canada increased the overnight policy rate to 1% from 0.50%. Importantly, the neutral rate is now believed to around 2.5%, higher than the previous economic cycle peak owing to more pervasive inflationary pressures.
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The Federal Canadian budget for March 2022/23 was tabled to the House of Commons. It was focused on making life more “affordable” for average Canadians, paid for by larger-than-expected tax revenues and the announcement of additional taxes on financial sector profits and a permanent increase in the corporate tax rate for large corporations.
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The world is opening up in many places, and I have had the good fortune of more travel and interaction with clients. One of the questions I get is about which metrics I like to follow most closely. I have a very long list, but below are a few that I think are particularly relevant right now.
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2021 was a difficult year for Chinese equities, but we believe many of the headwinds that challenged these stocks last year will turn into tailwinds in 2022, underlined by recent news from the Chinese government that said it would “actively release policies favorable to markets.”1 We continue to be overweight China in our portfolios as we have been able to find more high-quality investments at attractive valuations, in our view, than in other parts of the globe. We also think current valuations reflect a worst-case scenario. With the government indicating it will continue to take steps to support both the economy and equity markets and meet its announced 2022 growth targets, we think there will be much improved environment for Chinese stocks moving forward.
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