BILL NO. 227
1st Session, 64th General Assembly
1 Charles III, 2022
Financial Measures (Fall 2022) Act
The Honourable Allan MacMaster
Minister of Finance and Treasury Board
First Reading: October 21, 2022
Second Reading: October 28, 2022
Third Reading: November 9, 2022 (LINK TO BILL AS PASSED)
Clause 1 sets out the short title of the Act.
Clause 2 amends the fertility and surrogacy rebate provided for in the Income Tax Act to reflect the federal government's broadening of the medical expense tax credit to include medical expenses paid to a donor or surrogate for the purpose of an individual becoming a parent.
Clause 3 amends the Income Tax Act to
Clause 4 provides that the amendments respecting the fertility and surrogacy rebate have effect on and after January 1, 2022.
1 This Act may be cited as the Financial Measures (Fall 2022) Act.
2 Section 38B of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, is repealed and the following Section substituted:
- 38B (1) For a taxation year ending after December 31, 2021, an individual may claim a tax credit for a fertility or surrogacy medical expense in the amount determined by the formula
- (i) fertility in respect of the individual or the individual's spouse or common-law partner, or
3 (1) Section 49A(1) of Chapter 217, as enacted by Chapter 33 of the Acts of 2014, is amended by striking out "2025" in the fourth line of clause (d) and substituting "2030".
- (7A) The amount of a corporation's tax credit, which must be specified in a tax-credit certificate issued pursuant to subsection (6), is equal to 25% of the aggregate of all amounts each of which is the amount by which the capital cost of qualified property acquired by the corporation on or after October 1, 2022, in the taxation year, in respect of an approved project exceeds the aggregate of all amounts each of which is an amount of government assistance that may reasonably be considered to relate directly to the acquisition of the qualified property.
(5) Subsection 49A(7B) of Chapter 217, as enacted by Chapter 2 of the Acts of 2016 and renumbered by subsection (4), is amended by striking out "subsection (7)" in the first line and substituting "subsections (7) and (7A)".
4 Section 2 has effect on and after January 1, 2022.
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