BILL C-32 WILL INCREASE DQ, AFFECT TRUST REPORTING, AND MAKE OTHER CHANGES TO THE INCOME TAX ACT - Carters Professional Corporation - Barristers, Solicitors and Trade-Mark Agents

Bill C-32 Will Increase DQ, Affect Trust Reporting, and Make Other Changes to the Income Tax Act

Nov. 2022 Charity & NFP Law Update

Published on November 23, 2022

THE FALL ECONOMIC STATEMENT 2022 was released on November 3, 2022, focusing heavily on recovery from the COVID-19 economic downturn and weathering the ongoing global financial slump. The next day, on November 4, 2022, An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 3, 2022 and certain provisions of the budget tabled in Parliament on April 7, 2022 (“Bill C-32”) was introduced in the House of Commons. Bill C-32 will implement certain provisions of the Fall Economic Statement and the April 2022 Federal Budget. A number of aspects of Bill C-32 are relevant to charities.

For the balance of this Bulletin, please see Charity & NFP Law Bulletin No. 517.