Bill C-8 receives Royal Assent
On June 9th, 2022, Bill C-8, An Act to implement certain provisions of the economic and fiscal update tabled in Parliament on December 14, 2021 and other measures, received Royal Assent.
This Bill enacts previously announced tax measures including changes to the Northern Residents Deduction, Eligible Educator School Supply Tax Credit and the Return of Fuel Charge Proceeds to Farmers Tax Credit. It also enacts the annual 1 per cent tax on the value of vacant or underused residential property directly or indirectly owned by non-resident non-Canadians.
As noted in our previous news items (see April 22 and March 3, 2022), 2021 T1 returns filed claiming either the Eligible Educator School Supply Tax Credit or the Return of Fuel Charge Proceeds to Farmers Tax Credit credits prior to the legislation receiving Royal Assent would be held by CRA until Bill C-8 has passed. With the passage of this Bill, we expect that the CRA should begin processing such returns soon. We will provide an update if more information becomes available.