EY spokespeople available for federal budget insights and commentary

OTTAWA, ON, April 1, 2024 /CNW/ - Traditional territories of the Algonquin Anishnaabeg ?With growing concerns over inflation and increased living costs, EY professionals anticipate that this year's 2024 federal budget will focus on managing substantial deficit spending and servicing escalating debt, exacerbated by rising interest rates and borrowing costs.

The EY Tax Alert outlines topics for discussion, which may include key themes such as:

• The environment and climate change:  Movement on items such as the clean energy tax credits that were announced in the previous budget, the Carbon Tax and interim relief for light fuel oil exclusively used in qualifying heating activities.
• Cost of living pressures: A response to cost-of-living pressures Canadians are experiencing, with additional measures directed specifically at food and housing costs. One of the drivers of excess housing demand is a historically high level of immigration, particularly foreign students and temporary foreign workers. The government may include measures in the budget that address these sources of excess demand.
• Tax Incentives: While increases in personal and business tax rates are not anticipated, the government could elaborate further on its international tax initiatives. This may include things like the rollout dates for the proposed Digital Services Tax (BEPS Pillar One) and further specifics about the Global Minimum Tax (BEPS Pillar Two), under the scope of the OECD/G20's Base Erosion and Profit Shifting (BEPS 2.0) initiatives. Additionally, there may be updates on the government's examination of the current transfer pricing rules as well as potentially contain proposals resulting from an evaluation of the current Scientific Research & Experimental Development (SR&ED) tax incentive program, announced in the 2023 budget.

Fred O'Riordan, National Tax Policy Leader, EY Canada and Stéphane Leblanc, Tax Partner, EY Private will be attending the budget lock up on Tuesday, April 16 and are able to provide direct insights on the federal budget and its impact on Canadian citizens and businesses. They will also be hosting a webcast that evening at 6:30 pm EDT to share insights into what was covered. Register for the event here.

Additionally, EY business subject matter experts are available to provide insights.

• Clean energy, environment and climate change
  • Dr. Lance Mortlock, Managing Partner, Energy EY Canada
  • Terry McKay ? Oil and Gas Leader, EY Canada
• Canadian economic growth, innovation and cost of living pressures
  • Mauricio Zelaya, National Economics Leader at EY Canada
• Review of the existing SR&ED program and how to take advantage of tax incentives
  • Dharmesh Gandhi, Partner, SR&ED, Incentives and Capital Investments, EY Canada
• Legislation changes around open banking, financial services and cryptocurrency
  • Abhishek Sinha, National Banking Technology Leader at EY Canada

To learn more about the Canadian federal, provincial and territorial budgets or explore EY's Tax Alerts, click here.

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SOURCE EY (Ernst & Young)