2023 Federal Budget highlights provisions relevant to savings, investment and financial planning of individuals, families and small businesses.
On Tuesday March 28, 2023, Finance Minister Chrystia Freeland tabled the Liberal government’s 2023-24 Federal Budget in Parliament, with the document subtitled: “A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future”.
Note that a Budget is a statement of the governing party’s intention. Until passed into law, its content is to be considered as proposals, particularly where the ruling party has a minority of the seats, as is the case presently.
This summary highlights provisions relevant to savings, investment and financial planning of individuals, families and small businesses. We begin with a summary of current tax rates, then turn to the Budget’s themes:
- Federal Income Tax Brackets & Rates
- Making Life More Affordable
- Health and Dental
- Education and students
- Savings and retirement
- Small business and workers
- Tax compliance