The federal Canadian budget for 2023/2024 was presented on 28 March 2022. The draft proposes several tax measures including, notably, the following:
Pillar 1 Global Minimum Tax (GMT)
It is proposed to introduce the OECD/IF Pillar 2 global minimum tax framework in Canada. This would be done through the implementation of an Income Inclusion Rule (IIR) and a Qualified Domestic Minimum Top-up Tax (QDMTT) with effect for FYs beginning on or after 31 December 2023. An Undertaxed Payments Rule (UT…