On 9 August 2022, Canada's Department of Finance announced the publication of draft legislation for public consultation that implements certain Budget 2022 tax measures and other amendments. Some of the key measures include:
- The Canada Recovery Dividend, which is a temporary special tax on bank and life insurer group members equal to 15% of their taxable income (in excess of CAD 1 billion) for the 2021 taxation year;
- The Additional Tax on Banks and Life Insurers, which is a permanent increa…