The bill consists of the following three parts: Part 1 amends the Income Tax Act (ITA) and the Income Tax Regulations (ITR) to: expand the Labour Mobility Deduction for eligible trades people; make permanent the capital gains tax exemption for the sale of a business to an employee ownership trust or a worker co-operative; extend there payment grace period under the Home Buyers’ Plan; provide temporary immediate expensing for eligible greenhouse buildings; and improve the interaction of the Electric Vehicle Affordability Program with existing tax rules (clauses 2 to 10). Part 2 amends the Excise Tax Act (ETA) to temporarily set to $0.00 the excise tax rate on gasoline and aviation gasoline, and the excise tax rate on diesel fuel and aviation fuel. It also amends the Excise Act and the Excise Act, 2001 to implement an additional two-year extension of the 2% cap on the annual alcohol excise duty inflation adjustment, and the 50% reduction on excise duty rates for the first 15,000 hectolitres of beer brewed in Canada (clauses 11 to 17). Part 3, which is divided into eight divisions, implements various measures. It amends numerous existing Acts in areas such as banking, employment insurance, pensions, transport, food inspection and pest control (clauses 18 to 60).
This legislative summary is available as an unedited preliminary version in PDF format only. If the bill receives Royal Assent, this version will be replaced by a final version available in both HTML and PDF formats.