By Terrance S. Carter, Adriel N. Clayton, Martin U. Wissmath & Lynne M. Westerhof

Finance Minister Chrystia Freeland tabled the seventh budget of the Liberal federal government (“Budget 2023”) on March 28, 2023. Budget 2023 is comprised of six chapters and three annexes focussing on a wide range of issues, including supporting the middle class, investing in public health and dental care, growing a clean economy, advancing reconciliation, combatting financial crime, and implementing measures to ensure a fair tax system, amongst others matters. What Budget 2023 does not include, unlike recent budgets, are any legislative provisions aimed specifically at assisting or regulating the charitable and not-for-profit (“NFP”) sector. Instead, the specific relevancy of Budget 2023 to the charitable and NFP sector is primarily limited to various financial incentives to a number of non-profits, as well as general statements dealing with combatting financial crime, with a particular focus on strengthening efforts against money laundering and terrorist financing. A brief summary of these key aspects is set out in the balance of this Bulletin.

To read more, please see Charity & NFP Law Bulletin No. 521.