trip stock canada

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Red Light Holland Corp TRIP:CN

Key statistics.

Red Light Holland Corp. operates as a psychedelics company focused on the production and sale of medical grade truffles. The Company grows, distributes, and markets truffles to the legal and recreational markets. Red Light Holland serves clients in the Netherlands and Canada.

www.redlighttruffles.com

Income Statement

Balance sheet.

Instrument Name Red Light Holland Corp Instrument Symbol (TRIP-CN) Instrument Exchange CSE

• 3M 3-Months
• 6M 6-Months

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Red Light Holland Corp Ordinary Shares TRIP

About quantitative ratings.

Morningstar Quantitative Ratings for Stocks are generated using an algorithm that compares companies that are not under analyst coverage to peer companies that do receive analyst-driven ratings. Companies with quantitative ratings are not formally covered by a Morningstar analyst, but are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative moat, fair value, and uncertainty rating.

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RED LIGHT HOLLAND CORP.

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Tripadvisor Inc (TRIP)

Fundamentals.

• Market Capitalization, $K 3,618,496
• Shares Outstanding, K 137,900
• Annual Sales, $ 1,788 M
• Annual Income, $ 10,000 K
• 60-Month Beta 1.57
• Price/Sales 2.02
• Price/Cash Flow 20.20
• Price/Book 4.13
• Price/Earnings ttm 39.03
• Earnings Per Share ttm 0.67
• Most Recent Earnings $0.38 on 02/14/24
• Latest Earnings Date 05/07/24
• Annual Dividend & Yield N/A (0.00%)
• Most Recent Dividend N/A on N/A

SIC-7370 Services-Computer Programming, Data Processi

Internet Commerce

Indices S&P 600

Indices Russell 1000

Indices Russell 3000

Options Overview Details

• Implied Volatility 51.86% ( +0.80% )
• Historical Volatility 23.25%
• IV Percentile 73%
• IV Rank 56.95%
• IV High 68.00% on 11/06/23
• IV Low 30.51% on 03/19/24
• Put/Call Vol Ratio 0.02
• Today's Volume 2,922
• Volume Avg (30-Day) 4,022
• Put/Call OI Ratio 2.03
• Today's Open Interest 203,471
• Open Int (30-Day) 212,528

Analyst Rating / Earnings Estimates

Current rating, earnings estimates - current qtr 03/31/24.

• Average Estimate -0.16
• Number of Estimates 7
• High Estimate 0.02
• Low Estimate -0.35
• Prior Year -0.10
• Growth Rate Est. (year over year) -60.00%

Price Performance

Most recent stories.

Canada's resource-heavy index climbed on Thursday, aided by gains in commodity-linked stocks, while ...

TripAdvisor: Q4 Earnings Snapshot

What you need to know… The S&P 500 Index ($SPX ) (SPY ) on Tuesday closed down -1.37%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed down -1.35%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed...

Stocks that traded heavily or had substantial price changes on Tuesday: Hasbro, Goodyear fall; JetBlue Airways, TripAdvisor rise

The travel recommendation engine company could go private.

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -1.15%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -1.23%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.98%....

Morning Markets March E-Mini S&P 500 futures (ESH24 ) are down -1.14%, and March Nasdaq 100 E-Mini futures (NQH24 ) are down -1.67%. Stock index futures this morning are moderately lower as prices consolidate...

March S&P 500 E-Mini futures (ESH24) are trending down -0.32% this morning as market participants geared up for a key U.S. consumer inflation report that will help identify the path forward for the Federal...

One of Airbnb's co-founders suggested that this is an opportunity the size of Amazon.

Low valuations and good growth make this a trio worth buying.

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Buy with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

See More Share

Business Summary

Trip related etf s, trip related stocks.

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What are travel stocks? 

Top travel stocks, 1. airbnb , 2. booking holdings , 3. air canada  , 4. american hotel income properties reit , 5. transat a.t. inc.  , are travel stocks right for you.

With COVID-19 travel restrictions easing and travellers finally venturing back out into the world, the travel industry could be setting up for a significant rebound. 

But the travel industry is still riddled with uncertainties. The war in Ukraine, pilot and staffing shortages, and the stubborn presence of COVID-19 variants all make it difficult to predict just how much growth this sector could experience. 

That said, the prospects for recovery are both exciting and encouraging. If travellers continue to brave the open world, travel companies could see some immense growth this year.

For those looking to profit from this industry’s expected revitalization, here’s what you should know about investing in travel stocks. 

Travel stocks are a widely diverse bunch. They touch on every aspect of tourism and travel, from hotels and airlines to booking companies and amusement parks. 

They can be tech companies, like Airbnb , or hotel chains, like Marriott International . However different they seem, travel companies unite in that they sell experiences .

And those experiences are immensely profitable. The global travel and tourism sector is one of the world’s largest sectors. 

In an average year, it brings in a whopping $9.2 trillion in revenue, representing around 10% of global GDP. But, of course, the travel industry did experience a hiccup in both 2020 and 2021. 

Because travel stocks are so widely varied, it can be difficult to pick the best ones for your portfolio. So one thing to note: because travel stocks come from different market sectors , it’s not helpful to compare their valuation metrics. For example, you wouldn’t want to compare Air Canada’s price-to-earnings (P/E) ratio with the P/E of Airbnb, as the average P/E ratio for airlines is different from tech companies. 

That said, here are a few solid front-runners in the travel industry, as well as two Canadian growth travel stocks that are worth watching. 

Airbnb is a tech stock that has revolutionized the tourism industry. In the past, travellers had limited accommodation options, which often restricted where they could go. Airbnb has built a vast network of home stays that allows travellers to go where no hotel has gone before. 

Though the company’s growth slowed during the COVID-19 pandemic—reporting losses of $1.8 billion in 2020—it fully rebounded in 2021. It reported 301 million booked nights in the year, which represented a 56% recovery. 

Unlike other travel companies, that are still trying to recover from the pandemic, Airbnb is sitting on piles of cash, with low debt, positive cash flow, and more people booking experiences than in previous years.  

Airbnb’s success rides on the fact its brand goes beyond “travel-as-vacation” to embrace “travel-as-a-lifestyle.” In this way, travellers with remote jobs can book experiences through Airbnb, combining work and travel with greater ease than we’ve ever seen before. 

This work/culture combination will likely help this company grow tremendously, especially as more people seek out work remote lifestyles.

Booking Holdings is a massive digital travel agency that owns numerous iconic travel sites, such as: 

• Booking.com 
• Priceline.com
• Kayak.com 
• Rentalcars.com 

Over the years, Booking Holdings has built an empire in the online booking sector, where travellers can do everything from buying plane tickets to booking hotels to renting cards in a seamless experience. 

Though the company took some heavy losses during 2020—cutting both its global workforce and its operating costs—it has since rebounded, reporting a 141% rise in revenue from 2021 to 2022. 

With Booking Holding, one thing to watch for is scale. The company has grown extremely large, and it’s not exactly clear how it can continue to scale upward, especially with other competitors, like Airbnb, now dominating the space.

Even so, Booking Holdings remains a world leader in the travel space, one that could be a good investment. 

Air Canada is Canada’s leading commercial air carrier, as well as the owner of Canada’s most popular travel rewards program, Aeroplan. Before the COVID-19 pandemic, Air Canada was flying around 50 million passengers a year, and in 2019 it even brought in $19 billion in revenue. 

In 2020, Air Canada stock fell hard, reporting only $5.8 billion in revenue in 2020, a decline of $13.3 billion or 70% from 2020. With its planes all but grounded from 2020 to 2021, the airline company could do very little but cut costs and wait until the pandemic was over. 

Unfortunately, things haven’t gotten much better, as high jet fuel prices are making operating costs exorbitantly high. And, while Canadians are finally traveling again, much of that pent-up demand could be smothered if airline tickets become too expensive. 

Still, this is Air Canada we’re talking about, a company that dominates domestic and international travel in Canada. Even though it has had a tough two years or so, the company has proven its resilience. Already it has shown signs of life, as it flew more than 100,000 customers on April 15, 2022, the first time it’s flown at that volume since March 2020. 

Based in Ontario, American Hotel Income Properties REIT pools investor money and reinvests it in hotel real estate properties across the U.S. This real estate investment trust (REIT) doesn’t invest in just any old hotel, however. They invest in premium branded hotels, such as Marriott or Hilton. 

Like other REITs, American Hotel Income Properties pays out an annual dividend.

As the travel industry begins to recover, American Hotel Income Properties is expected to rebound with it, which means now might be a good time to snag shares while the stock price is still low. 

RELATED : Top Canadian REIT ETFs

Headquartered in Montreal, Transat is a growth stock company that specializes in organizing travel packages and tour operations in more than 60 destination countries. 

The company is perhaps most well-known for its airline, Air Transat, which won World’s Best Leisure Airline by Skytrax in 2021, the fourth time it’s won the award.  

Before the pandemic, Transat had gotten so popular that Air Canada was going to buy it for $18 per share. Once air travel shut down, however, Air Canada backed out of the offer, and Transat nearly went out of business. 

Since then, the company has recovered splendidly, and though it hasn’t quite reached previous levels, it’s certainly a travel stock to watch, especially for growth stock investors looking to profit from an expected high demand for travel. 

If you’re interested in investing in growth or value stocks , then travel stocks might be right for you. The COVID-19 pandemic has left many great stocks trading at values below what they’re underlying companies are intrinsically worth. The pent-up demand for travel could help these companies regrow to pre-pandemic levels and possibly beyond.

Travel stocks, however, aren’t without their risks. As the pandemic showed, the travel industry is vulnerable and sensitive to global crises. In fact, the industry as a whole is cyclical , meaning travel stocks tend to move with the ups and downs of the economy. 

When the economy is doing well, travellers have more disposable income and they can buy more plane tickets, book more hotels, and go on more cruises. During economic downturns and inflationary periods, however, travel companies could suffer losses, as travellers are less likely to spend as much on leisure activities. 

If you’re more risk-averse, or you don’t want to handpick individual travel stocks, you could always invest in a travel-focused exchange-traded fund (ETF) . They can help you diversify your holding, potentially spreading your money across numerous travel companies. 

Common travel-focused ETFs in Canada include: 

• Harvest Travel and Leisure Index ETF 
• Dynamic Leisure and Entertainment Invesco ETF

NASDAQ: TRIP Tripadvisor Inc Stock

Trip overview.

TripAdvisor, Inc. operates as an online travel company. It operates in two segments, Hotels, Media & Platform; and Experiences & Dining. The company operates TripAdvisor-branded websites, including tripadvisor.com in the United States; and localized versions of the website in 40 markets and 20 languages. It also manages and operates other travel media brands that provide users the comprehensive travel-planning and trip-taking resources in the travel industry, such as bokun.io, cruisecritic.com, flipkey.com, thefork.com, helloreco.com, holidaylettings.co.uk, holidaywatchdog.com, housetrip.com, jetsetter.com, niumba.com, seatguru.com, singleplatform.com, vacationhomerentals.com, and viator.com. In addition, the company provides information and services for consumers to research and book restaurants reservation in travel destinations; and vacation and short-term rental properties, including full home, condominiums, villas, beach properties, cabins, and cottages. As of December 31, 2020, it featured 1 billion reviews and opinions on 1 billion hotels and other accommodations, restaurants, experiences, airlines, and cruises. TripAdvisor, Inc. was founded in 2000 and is headquartered in Needham, Massachusetts.

Due Diligence Checks

Be the first to know about important trip news, forecast changes, insider trades & much more get free trip updates.

Why Axon Enterprise, TripAdvisor, and iQiyi Jumped Today AOL • a day ago

Tripadvisor still seeing sales interest from Apollo, others - report Seeking Alpha • 2 days ago

Tripadvisor to Host First Quarter 2024 Conference Call on May 8, 2024 Yahoo Finance • 3 days ago

Head to Head Comparison: Trainline (OTCMKTS:TNLIF) & Tripadvisor (NASDAQ:TRIP) Defenseworld.net • 3 days ago

TRIPADVISOR ANNOUNCES 2024 TRAVELERS' CHOICE HOTELS AWARD WINNERS: CHECK-IN TO THE BEST OF ... Quantisnow • 4 days ago

Tripadvisor's (TRIP) Neutral Rating Reaffirmed at Wedbush Defenseworld.net • 6 days ago

Vontobel Holding Ltd. Has $3.03 Million Holdings in Tripadvisor, Inc. (NASDAQ:TRIP) Defenseworld.net • 7 days ago

Arizona State Retirement System Lowers Stake in Tripadvisor, Inc. (NASDAQ:TRIP) Defenseworld.net • 7 days ago

Tripadvisor (NASDAQ:TRIP) Price Target Increased to $28.00 by Analysts at Citigroup Defenseworld.net • 7 days ago

Mirae Asset Global Investments Co. Ltd. Purchases 4412 Shares of Tripadvisor, Inc. (NASDAQ:TRIP) Defenseworld.net • 8 days ago

Analyst Ratings For TripAdvisor - TripAdvisor (NASDAQ:TRIP) Benzinga • 9 days ago

New York State Teachers Retirement System Buys 1370 Shares of Tripadvisor, Inc. (NASDAQ:TRIP) Defenseworld.net • 10 days ago

Willamette Valley Vineyards (NASDAQ:WVVI) Research Coverage Started at StockNews.com Defenseworld.net • 18 days ago

Tripadvisor, Inc. (NASDAQ:TRIP) Shares Bought by SG Americas Securities LLC Defenseworld.net • 21 days ago

Tripadvisor, Inc. (NASDAQ:TRIP) Given Consensus Recommendation of “Hold” by Analysts Defenseworld.net • 21 days ago

TRIP: Snap (SNAP) vs. TripAdvisor (TRIP): Comparing Internet Stocks for Long-Term Investment StockNews.com • 22 days ago

Assenagon Asset Management S.A. Has $3.02 Million Stake in Tripadvisor, Inc. (NASDAQ:TRIP) Defenseworld.net • 23 days ago

Wall Street Analysts See Upside Potential for 5 Stocks with Rising Price Targets Insider Monkey • 25 days ago

Tripadvisor (NASDAQ:TRIP) investors are sitting on a loss of 51% if they invested three years ago Yahoo Finance • 25 days ago

TripAdvisor Shares Fall After Q4 Earnings, Revenue Miss Yahoo Finance UK • a month ago

Vanguard Group Inc. Acquires 1263706 Shares of Tripadvisor, Inc. (NASDAQ:TRIP) Defenseworld.net • a month ago

Reviewing Trainline (OTCMKTS:TNLIY) & Tripadvisor (NASDAQ:TRIP) Defenseworld.net • a month ago

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2024 Federal Budget analysis

On April 16, 2024, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the government’s budget. The budget:

• increases the capital gains inclusion rate from 1/2 to 2/3, effective June 25, 2024 (up to $250,000 of annual gains for individuals will continue to benefit from the 1/2 inclusion rate)
• raises the lifetime capital gains exemption to $1.25 million and introduces a new 1/3 inclusion rate for up to $2 million of certain capital gains realized by entrepreneurs
• confirms previously announced alternative minimum tax proposals effective January 1, 2024, but softens the impact of these proposals on charitable donations
• provides design and implementation details for the clean electricity investment tax credit
• introduces accelerated capital cost allowance (CCA) for, and relief from interest deductibility limitations for debt incurred to fund the construction of, certain purpose-built rental housing
• provides immediate expensing for the cost of certain patents and computer equipment and software
• gives the Canada Revenue Agency (CRA) additional information gathering powers

This Tax Insights discusses these and other tax initiatives proposed in the budget.

Tax measures

Capital gains inclusion rate.

• Lifetime Capital Gains Exemption

Canadian Entrepreneurs’ Incentive

• Alternative Minimum Tax

Employee Ownership Trust Tax Exemption

Volunteer firefighters tax credit and search and rescue volunteers tax credit, mineral exploration tax credit for flow-through share investors.

• Canada Child Benefit

Disability Supports Deduction

Charities and qualified donees.

• Home Buyers’ Plan

Qualified Investments for Registered Plans

Deduction for tradespeople’s travel expenses, indigenous child and family services settlement, clean electricity investment tax credit, ev supply chain investment tax credit, clean technology manufacturing investment tax credit.

• Accelerated Capital Cost Allowance

Interest Deductions and Purpose-Built Rental Housing

Taxing vacant lands to incentivize construction, confronting the financialization of housing, halal mortgages, non-compliance with information requests, synthetic equity arrangements, mutual fund corporations, canada carbon rebate for small business, avoidance of tax debts, reportable and notifiable transactions penalty, manipulation of bankrupt status.

• Scientific Research and Experimental Development

International

Crypto-asset reporting, withholding for non-resident service providers, international tax reform.

• Extending GST Relief to Student Residences

GST/HST on Face Masks and Face Shields

Previously announced, personal tax measures.

The budget proposes to increase the capital gains inclusion rate from 1/2 to:

• 2/3 for dispositions after June 24, 2024 for corporations and trusts, and
• 2/3 for the portion of capital gains realized after June 24, 2024 in excess of an annual $250,000 threshold for individuals

The $250,000 annual threshold would apply to capital gains realized by an individual, either directly or indirectly via a partnership or trust, net of:

• current year capital losses
• capital losses of other years applied to reduce current year capital gains, and
• capital gains in respect of which the Lifetime Capital Gains Exemption (LCGE), the proposed Employee Ownership Trust Exemption or the proposed Canadian Entrepreneurs’ Incentive is claimed

As a result, the following rates will apply to capital gains earned by individuals in excess of the $250,000 threshold who are subject to the top marginal income tax rate (i.e. on taxable income exceeding: $355,845 in Alberta, $252,752 in British Columbia, $1,103,478 in Newfoundland and Labrador, $500,000 in the Yukon and $246,752 in all other jurisdictions).

The budget also proposes to decrease the stock option deduction to 1/3 to align with the new capital gains inclusion rate.  Individuals would continue to benefit from a deduction of 1/2 of the taxable benefit up to a combined $250,000 for both employee stock options and capital gains.

The inclusion rate for net capital losses carried forward and applied against capital gains will be adjusted to reflect the inclusion rate of the capital gains being offset.   

Transitional rules will apply to taxation years that begin before June 25, 2024 and end after June 24, 2024 such that capital gains realized before June 25, 2024 would be subject to the 1/2 inclusion rate and capital gains realized after June 24, 2024 (net of any losses) would be subject to a 2/3 inclusion rate. The $250,000 threshold will not be prorated for individuals in 2024 and will apply only against capital gains incurred after June 24, 2024.

Additional details will be provided in the coming months.   

Earning capital gains through a Canadian-controlled private corporation (CCPC)

In most jurisdictions, the increase in the capital gains inclusion rate makes it less attractive for individuals to earn capital gains in excess of $250,000 through a CCPC instead of directly. The  Appendix shows the resulting income tax deferral (prepayment) and the tax cost for an individual who realizes capital gains in excess of $250,000 and pays tax at the top tax rate.

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Lifetime Capital Gains Exemption (LCGE)

The budget proposes to increase the LCGE on eligible capital gains from $1,016,836 to $1,250,000 for dispositions that occur after June 24, 2024. The indexing of the LCGE to inflation will resume in 2026.

The budget introduces the Canadian Entrepreneurs’ Incentive, which will reduce the taxes on capital gains from the disposition of shares by eligible individuals which meet the following conditions:

• at the time of the sale the share was a share of a small business corporation owned directly by an individual
• used principally in an active business carried on primarily in Canada by the CCPC or a related corporation
• certain shares or debts of connected corporations, or
• a combination of these assets
• the individual was a founding investor and the individual held the share for a period of five years prior to the disposition
• at all times since the share subscription until the time immediately before the sale, the individual directly owned shares with a fair market value (FMV) of more than 10% of the FMV of all of the issued and outstanding shares of the corporation and shares entitling the individual to more than 10% of the votes
• throughout the five year period before the disposition the individual was actively engaged in a regular, continuous and substantial basis in the activities of the business
• the share does not represent a direct or indirect interest in a professional corporation, a corporation whose principal asset is the reputation or skill of one or more employees, or a corporation that carries on certain types of businesses including a business operating in the financial, insurance, real estate, food and accommodation, arts, recreation, or entertainment sector, or providing consulting or personal care services
• the share must have been obtained for fair market value consideration

The incentive would provide a capital gains inclusion rate of one half of the prevailing inclusion rate on up to $2 million in capital gains per individual during their lifetime. The $2 million limit will be phased in over 10 years by increments of $200,000 per year reaching $2 million by January 1, 2034.  

Applying the proposed 2/3 inclusion rate would result in an inclusion rate of 1/3 for qualifying dispositions.  This will apply in addition to the LCGE.

This measure would apply to dispositions that occur after December 31, 2024.

Alternative Minimum Tax (AMT)

The 2023 budget announced amendments to change the calculation of the AMT. Draft legislative proposals were released for consultation in the summer of 2023. (For more information, see our Tax Insights “ Proposed changes to the alternative minimum tax: How will it affect individuals and trusts ”.)

The budget proposes to revise the proposed charitable donation tax credit claim to allow individuals to claim 80% when calculating AMT (as opposed to the previously proposed 50%).

The budget also proposes additional amendments to the AMT proposals including:

• allowing deductions for the Guaranteed Income Supplement, social assistance and workers compensation payments
• fully exempting employee ownership trusts (EOTs) from the AMT, and
• allowing certain disallowed credits under the AMT to be eligible for the AMT carry-forward (i.e. the federal political contribution tax credit, investment tax credits (ITCs), and labour-sponsored funds tax credit)

The amendments would apply to taxation years that begin after December 31, 2023.

The budget also proposes certain technical amendments to the AMT legislative proposals to exempt certain trusts for the benefit of Indigenous groups.

The 2023 budget proposed tax rules to create EOTs. The 2023 Fall Economic Statement proposed to exempt $10 million of capital gains on the sale of a business to an EOT subject to certain conditions.

The budget introduces the conditions for this exemption. The exemption will be available to an individual (other than a trust) on the sale of a business to an EOT where the following conditions are met:

• the individual, a personal trust of which the individual is a beneficiary, or a partnership in which the individual is a member, disposes of shares of a corporation that is not a professional corporation
• the transaction is a qualifying business transfer (as defined in the proposed rules for EOTs) in which the trust acquiring the shares is not already an EOT or a similar trust with employee beneficiaries
• throughout the 24 months immediately prior to the qualifying business transfer, the transferred shares were exclusively owned by the individual claiming the exemption, a related person, or a partnership in which the individual is a member; and over 50% of the FMV of the corporation’s assets were used principally in an active business
• at any time prior to the qualifying business transfer, the individual (or their spouse or common-law partner) has been actively engaged in the qualifying business on a regular and continuous basis for a minimum period of 24 months
• immediately after the qualifying business transfer, at least 90% of the beneficiaries of the EOT are resident in Canada

Where multiple individuals dispose of shares to an EOT as part of a qualifying transfer and meet the conditions above, they may each claim an exemption, however the total exemption in respect of the sale cannot exceed $10 million. The individuals would have to agree on the allocation of the exemption.

If an EOT has a disqualifying event within 36 months of the transfer, the exemption claim will be retroactively denied. If this occurs more than 36 months after a transfer the EOT will be deemed to realize a capital gain equal to the total exempt capital gains. A disqualifying event would result where an EOT loses its status as an EOT or if less than 50% of the FMV of the qualifying business shares is attributable to assets used principally in an active business at the beginning of two consecutive years of the corporation.

The EOT, any corporation owned by the EOT that acquired the transferred shares, and the individual will need to elect to be jointly and severally, or solitarily liable for any tax payable by the individual as a result of an exemption being denied due to a disqualifying event occurring during the first 36 months.  

For the purposes of the AMT calculation the capital gain on the transfer would be subject to an inclusion rate of 30% (consistent with the inclusion rate for capital gains eligible for the LCGE).            

An individual’s normal reassessment period as it relates to this exemption is proposed to be extended by an additional three years.

The budget also proposes to expand qualifying business transfers to include the sale of shares to a workers cooperative corporation, provided it meets certain conditions.

These measures will apply to qualifying dispositions of shares that occur between January 1, 2024 through December 31, 2026.

The budget proposes to double the volunteer firefighters tax credit and the search and rescue volunteers tax credit to $6,000 for the 2024 and subsequent taxation years; this increases the maximum annual tax savings to $900.

The budget proposes to extend the eligibility for this credit for an additional year, so that it will apply to flow-through share agreements entered into before April 1, 2025.

Canada Child Benefit (CCB)

A CCB recipient is no longer eligible to claim the CCB in respect of a child in the month following the child’s death. The budget proposes to extend eligibility for the CCB to six months after the child’s death, provided the individual continued to be eligible for the CCB.

The budget proposes to extend the list of expenses recognized for the disability supports deduction.

It also provides that expenses for service animals, as defined under the medical expense tax credit (METC) rules, will be recognized under the disability supports deduction. The individual will choose whether to claim under the METC or the disability supports deduction.

A foreign charity may register as a qualified donee for a 24-month period where it received a gift from His Majesty in right of Canada and it is pursuing certain activities in the national interest of Canada.  The budget proposes to extend the eligibility of a foreign charity to be considered a qualified donee from 24 months to 36 months.  The foreign charity would also be required to submit an annual information return to the CRA that would be made publicly available. The extension will apply to foreign charities registered after April 16, 2024. The reporting requirements will apply to taxation years beginning after April 16, 2024.        

The budget also proposes to simplify the issuance of official donation receipts by removing certain requirements.

Home Buyers’ Plan (HBP)

To help first-time home buyers, the budget proposes to:

• increase, from $35,000 to $60,000, the amount that an eligible home buyer can withdraw from their Registered Retirement Savings Plan (RRSP) under the HBP, without subjecting the withdrawal to tax, to buy or build a qualifying home (i.e. a first home or a home for a specified disabled individual), effective for the 2024 and subsequent calendar years, for withdrawals made after April 16, 2024
• temporarily extend the repayment grace period by three years, to five years, under the HBP, so that eligible home buyers who withdraw from their RRSP between January 1, 2022 and December 31, 2025 will have up to five years before they need to start repayments to their RRSP

Registered plans (RRSPs, Registered Retirement Income Funds, Tax-Free Savings Accounts, Registered Education Savings Plans, Registered Disability Savings Plans, First Home Savings Accounts, and Deferred Profit Sharing Plans) can invest only in qualified investments for those plans. Qualified investments include mutual funds, publicly traded securities, government and corporate bonds and guaranteed investment certificates. Over the years the qualified investment rules have been expanded to include additional investments for certain plans and to reflect the introduction of new types of plans, but there are inconsistencies and the qualified investment rules are difficult to understand in some cases.

Specific issues are currently under consideration. Stakeholders are invited to submit comments by July 15, 2024 as to how the qualified investment rules can be modernized on a prospective basis to improve the clarity and coherence of the registered plans regime.

Eligible tradespeople and apprentices in the construction industry are currently able to deduct up to $4,000 in eligible travel and relocation expenses per year by claiming the labour mobility deduction for tradespeople. A private member’s bill (Bill C-241) was introduced to enact an alternative deduction for certain travel expenses of tradespeople in the construction industry, with no cap on expenses, retroactive to the 2022 taxation year.

The budget announces that the government will consider bringing forward amendments to the Income Tax Act (ITA) to provide a single, harmonized deduction for tradespeople’s travel that respects the intent of Bill C-241.

The budget proposes to amend the ITA to exclude from taxation the income of the trusts established under the First Nations Child and Family Services, Jordan’s Principle, and Trout Class Settlement Agreement. This will also ensure that payments received by class members as beneficiaries of the trusts will not be included when computing income for federal income tax purposes.

This measure will apply to the 2024 and subsequent taxation years.

Business tax measures

The 2023 budget proposed a refundable ITC for clean electricity, equal to 15% of the capital cost of eligible property. The 2024 budget provides the design and implementation details of the ITC, including the eligibility criteria. It also includes special rules for property that generates electricity from natural gas with carbon capture and property used to transmit electrical energy between provinces or territories, as well as details of the compliance and recovery process.

The ITC will be available only to eligible Canadian corporations, which are defined as:

• taxable Canadian corporations and pension investment corporations
• provincial and territorial Crown corporations (subject to additional requirements)
• corporations owned by municipalities or Indigenous communities

Property eligible for the ITC includes equipment used to generate electricity from:

• solar, wind or water energy (certain class 43.1 property, but hydroelectric installations would not be subject to a capacity limit)
• concentrated solar energy (as defined for the purposes of the proposed clean technology ITC)
• nuclear fission, including heat generating equipment (as defined for the purposes of the proposed clean technology ITC, without the generating capacity limits and other certain requirements of that credit)
• geothermal energy, including heat generating equipment, if it is used exclusively for that purpose (excluding equipment that is part of a system that extracts fossil fuel for sale)
• specified waste materials, as part of a system

Eligible property also includes equipment that is:

• stationary electricity storage equipment and equipment used for pumped hydroelectric energy storage (excluding any that uses a fossil fuel in operation)
• part of an eligible natural gas energy system (special rules apply)
• used for transmission of electricity between provinces and territories (special rules apply)

Previously proposed labour requirements must be met to qualify for the 15% ITC, otherwise a 5% ITC is available. The ITC will be subject to potential repayment obligations, repayable in proportion to the FMV of the particular property when it has been converted to an ineligible use, exported from Canada, or disposed of.

The ITC will be available for new eligible property (i.e. has not been used for any purposes before its acquisition) that is acquired and becomes available for use after April 15, 2024 and before 2035 in respect of projects that did not begin construction before March 28, 2023.

The budget introduces the EV supply chain ITC, equal to 10% of the cost of buildings used in Canada in the following electric vehicle supply chain segments:

• electric vehicle assembly
• electric vehicle battery production
• cathode active material production

To qualify for the ITC, the taxpayer (or member of a group of related taxpayers) must claim the clean technology manufacturing ITC (CTMITC) in all three of the segments (or must claim the CTMITC in two of the three segments and hold at least a qualifying minority interest in an unrelated corporation that claims the CTMITC in the third segment – the building costs of the unrelated corporation would also qualify for the new ITC).

The ITC is effective for property that is acquired and becomes available for use after December 31, 2023. The ITC will be reduced to 5% for 2033 and 2034 and 0% after 2034. Design and implementation details of the ITC will be provided in the 2024 Fall Economic Statement.

The 2023 budget proposed a clean technology manufacturing ITC, and draft legislative proposals were released in December 2023. The 2024 budget proposes to update the clean technology manufacturing ITC for production of qualifying minerals (such as copper, nickel, cobalt, lithium, graphite and rate earth elements) that occur at polymetallic projects (i.e. projects engaged in the production of multiple minerals) by:

• clarifying that the value of qualifying materials will be used as the appropriate output metric when assessing the extent to which property is used (or expected to be used) for qualifying mineral activities producing qualifying materials
• modifying eligible expenditures to include investments in eligible property used in qualifying mineral activities that are expected to produce primarily qualifying materials at mine or well sites, including tailing ponds and mills located at these sites (50% or more of the financial value of the output comes from qualifying materials)

A safe harbour rule will apply to the recapture rule for all qualifying mineral activities, to mitigate against the effects of mineral price volatility on the potential recapture of the ITC, the details of which will be provided at a later date.

Accelerated Capital Cost Allowance (CCA)

Purpose-built rental housing.

The budget provides an accelerated CCA of 10% for new eligible purpose-built rental projects that begin construction after April 15, 2024 and before January 1, 2031, and are available for use before January 1, 2036.

Eligible property will be new purpose-built rental housing that is a residential complex:

• with at least four private apartment units, or 10 private rooms or suites, and
• in which at least 90% of residential units are held for long-term rental

The Accelerated Investment Incentive (AII), which suspends the half-year rule, will continue to apply to eligible property put in use before 2028. The accelerated CCA will not apply to renovations of existing residential complexes, but new additions to an existing structure will be eligible. Projects that convert existing non-residential real estate into a residential complex will be eligible.

Productivity-enhancing assets

The budget provides immediate expensing (i.e. a 100% first-year CCA deduction) for property that is acquired after April 15, 2024 and becomes available for use before January 1, 2027, for the following CCA classes of assets:

• class 44 (patents or rights to use patented information for a limited or unlimited period)
• class 46 (data network infrastructure equipment and related systems software)
• class 50 (general-purpose electronic data-processing equipment and systems software)

The accelerated CCA will be available only for the year in which the property becomes available for use. For a short taxation year, the accelerated CCA must be prorated and will not be available in the following taxation year. Property that becomes available for use after 2026 and before 2028 will continue to benefit from the AII.

Property that has been used (or acquired for use) for any purpose before it is acquired by the taxpayer will be eligible for the accelerated CCA only if both of the following conditions are met:

• neither the taxpayer nor a non-arm’s length person previously owned the property, and
• the property has not been transferred to the taxpayer on a tax-deferred “rollover” basis

The excessive interest and financing expenses limitation (EIFEL) rules restrict a Canadian taxpayer’s deductions for interest and financing expenses, based upon a percentage of its “tax-EBITDA” (i.e. its taxable income, adjusted for items such as interest expenses, depreciation and amortization). For a discussion of the EIFEL rules, see our  Tax Insights “ Bill C-59 ─ Excessive interest and financing expenses limitation (EIFEL) regime .” The EIFEL rules currently include a single sector-specific exemption, for certain interest and financing expenses relating to public-private partnership (P3) infrastructure projects. The budget proposes to extend this election, on an elective basis, for certain interest and financing expenses relating to arm’s length financing that is used to build or acquire certain purpose-built rental housing located in Canada. This exemption will be effective for taxation years beginning after September 30, 2023, consistent with the EIFEL rules more generally. However, this exemption will be available only for expenses incurred before January 1, 2036.

The government is concerned that some landowners are holding residentially zoned vacant land as a speculative investment. The budget announces that the government will consider introducing a new tax on residentially zoned vacant land to spur development. The government will launch consultations later this year.

In March 2024, the government began consultations on how federal policies can better support the needs of all Canadians seeking to become homeowners. The government will provide an update in the 2024 Fall Economic Statement.

The budget announces the government’s intention to restrict the acquisition of existing single-family homes by very large corporate investors. The government will consult in the coming months and provide further details in the 2024 Fall Economic Statement.

The budget announces that the government is exploring new measures to expand access to alternative financing products for home purchasers, such as halal mortgages. These measures could include changes in the tax treatment of these products or a new regulatory regime for financial service providers, while ensuring adequate consumer protections are in place.

The budget proposes several amendments to the CRA’s information gathering provisions in the ITA, with the intent of enhancing the efficiency and effectiveness of tax audits and facilitating the collection of tax revenues on a timelier basis. These changes include:

• allowing the CRA to issue a new type of notice, referred to as a “notice of non-compliance” and to levy a monetary penalty
• permitting the CRA to specify that any required information (oral or written) or documents be provided under oath or affirmation
• imposing a penalty when the CRA obtains a compliance order against a taxpayer, and
• extending the stop the clock rules (which suspend the counting of days in the assessment limitation period), so that these rules apply when a taxpayer seeks judicial review of any requirement or notice issued to the taxpayer by the CRA in relation to the audit and enforcement process, and during any period that a notice of non-compliance is outstanding

Analogous amendments are also proposed to other federal tax statutes administered by the CRA. The budget also proposes certain technical amendments to ensure the rules meet their policy objectives.

These amendments would come into force upon royal assent of the enacting legislation.

The ITA allows a corporation to deduct the amount of any dividends received on a share of a corporation resident in Canada, subject to certain limitations.

One of these limitations is an anti-avoidance rule that denies the dividend received deduction in connection with synthetic equity arrangements. Synthetic equity arrangements include arrangements in which a person receives a dividend on a share, but all or substantially all of the risk of loss and opportunity for gain or profit (the “economic exposure”) in respect of the share are provided to another person.

Where a taxpayer enters into a synthetic equity arrangement in respect of a share, the taxpayer is generally obligated to compensate the other person for the amount of any dividends paid on the share. This compensation payment may result in a tax deduction for the taxpayer in addition to the dividend received deduction. Unless the anti-avoidance rule applies to deny the dividend received deduction, a tax loss would generally arise as a result of the two deductions.

The anti-avoidance rule incorporates certain exceptions, including where the taxpayer establishes that no tax-indifferent investor has all or substantially all of the economic exposure in respect of the share. An associated exception is also available for synthetic equity arrangements traded on a derivatives exchange.

The budget proposes to remove the tax-indifferent investor exception (including the exchange traded exception) to the anti-avoidance rule. This measure would prevent taxpayers from claiming the dividend received deduction for dividends received on a share in respect of which there is a synthetic equity arrangement.

This measure would apply to dividends received after December 31, 2024.

A mutual fund is a type of investment vehicle that allows investors to pool their money and invest in a portfolio of investments without purchasing the investments directly. A mutual fund corporation is a mutual fund organized as a corporation that meets certain conditions set out in the ITA.

The ITA includes special rules for mutual fund corporations that facilitate conduit treatment for investors (shareholders). For example, these rules generally allow capital gains realized by a mutual fund corporation to be treated as capital gains realized by its investors. In addition, a mutual fund corporation is not subject to mark-to-market taxation and can elect capital gains treatment on the disposition of Canadian securities.

To qualify as a mutual fund corporation under the ITA, a corporation must satisfy several conditions, including that it must be a “public corporation”. A corporation can meet this condition if a class of its shares is listed on a designated stock exchange in Canada. A corporation that is controlled by a corporate group may satisfy this condition, and qualify as a mutual fund corporation, even though it is not widely held. The government is concerned that this could allow a corporate group to use a mutual fund corporation to benefit from the special rules available to these corporations in an unintended manner.

Although the government believes this planning can be challenged based on existing rules in the ITA, the budget proposes specific amendments to the ITA to preclude a corporation from qualifying as a mutual fund corporation where it is controlled by or for the benefit of a corporate group (including a corporate group that consists of any combination of corporations, individuals, trusts, and partnerships that do not deal with each other at arm’s length). Exceptions would be provided to ensure that the measure does not adversely affect mutual fund corporations that are widely held pooled investment vehicles.

This measure would apply to taxation years that begin after 2024.

The budget introduces the Canada Carbon Rebate for Small Business, to return a portion of the federal backstop pollution pricing fuel charge proceeds collected from a province. This will be an automatic refundable tax credit for CCPCs with less than 500 employees in Canada in the calendar year in which the fuel charge begins. The tax credit in respect of the 2019-20 to 2023-24 fuel charge years will be available to a CCPC that files a tax return for its 2023 taxation year by July 15, 2024 (with similar timelines for future fuel charge years).

The tax credit amount:

• is determined for each applicable province in which the eligible corporation had employees in the calendar year in which the fuel charge year begins; and
• is equal to the number of persons employed by the eligible corporation in the province in that calendar year multiplied by a payment rate specified by the Minister of Finance for the province for the corresponding fuel charge year

The ITA includes an anti-avoidance rule that is intended to prevent taxpayers from avoiding payment of their tax liabilities by transferring their assets to non-arm’s length persons. The effect of this tax debt avoidance rule is to make the transferee jointly and severally, or solidarily, liable with the transferor for the transferor’s tax debts, to the extent that the value of the property transferred exceeds the amount of consideration given by the transferee for the property.

The ITA contains a number of rules that address various planning techniques employed by taxpayers attempting to circumvent the tax debt avoidance rule, as well as a penalty for those who engage in, participate in, assent to, or acquiesce in planning activity that they know, or would reasonably be expected to know, is tax debt avoidance planning.

The budget includes a new specific measure to address tax debt avoidance planning (although the government believes this planning can also be challenged based on existing rules in the ITA). The measure would apply in the following circumstances:

• there has been a transfer of property from a tax debtor to another person
• as part of the same transaction or series of transactions, there has been a separate transfer of property from a person other than the tax debtor to a transferee that does not deal at arm’s length with the tax debtor, and
• one of the purposes of the transaction or series is to avoid joint and several, or solidary, liability

Where these conditions are met, the property transferred by the tax debtor would be deemed to have been transferred to the transferee for the purposes of the tax debt avoidance rule. This would ensure that the tax debt avoidance rule applies in situations where property has been transferred from a tax debtor to a person and, as part of the same transaction or series, property has been received by a non-arm’s length person. The penalty applicable to those who participate in tax debt avoidance planning would also be extended to this proposed new rule.

In many cases, tax debt avoidance planning is facilitated by a planner who receives a significant fee, which is effectively funded by a portion of the avoided tax debt. The courts have held that a taxpayer who engages in tax debt avoidance planning is normally not jointly and severally, or solidarily, liable for the portion of the tax debt that has effectively been retained by the planner as a fee. The budget proposes that taxpayers who participate in tax debt avoidance planning be jointly and severally, or solidarily, liable for the full amount of the avoided tax debt, including any portion that has effectively been retained by the planner.

Similar amendments would be made to comparable provisions in other federal statutes.

These measures would apply to transactions or series of transactions that occur after April 15, 2024.

The ITA includes a general rule providing that a person who fails to file or make a return or comply with certain specified rules is guilty of an offence, and liable to penalties of up to $25,000 and imprisonment for up to a year. The mandatory disclosure rules in the ITA also include specific penalties that apply in these circumstances, making the application of this general penalty provision unnecessary.

The budget therefore proposes to remove from the scope of the general penalty provision the failure to file an information return in respect of a reportable or notifiable transaction under the mandatory disclosure rules.

This amendment would be deemed to have come into force on June 22, 2023, which is the day the enhanced mandatory disclosure rules received royal assent.

Under the ITA, losses and other tax attributes that arise from expenditures for which a taxpayer did not ultimately bear the cost are generally not recognized. The ITA contains a set of debt forgiveness rules that apply where a commercial debt is settled for less than its principal amount. These rules generally reduce tax attributes by the amount of debt that is forgiven and, where tax attributes have been fully reduced, the rules cause an income inclusion equal to half of the remaining forgiven amount. The ITA also contains a rule that entitles an insolvent corporation to a corresponding deduction to offset all or part of an income inclusion from the debt forgiveness rules.

Bankrupt taxpayers are generally excluded from these debt forgiveness rules. Instead, a separate loss restriction rule applies to extinguish the losses of bankrupt corporations that have received an absolute order of discharge.

The government is concerned that some taxpayers have sought to manipulate the bankrupt status of an insolvent corporation, with a view to benefiting from the exception in the debt forgiveness rules while also avoiding the loss restriction rule applicable to bankrupt corporations. This planning seeks to preserve the losses and other tax attributes of the insolvent corporation (which would otherwise be eliminated upon the forgiveness of its debts), so that these attributes can be acquired and used by a profitable corporation. This planning is the subject of a designated transaction under the notifiable transactions element of the mandatory disclosure rules.

Although the government believes that manipulation of bankrupt status can be challenged based on existing rules in the ITA, the budget proposes a specific legislative measure to address this issue: repealing the exception to the debt forgiveness rules for bankrupt corporations and the loss restriction rule applicable to bankrupt corporations. This change would subject bankrupt corporations to the general rules that apply to other corporations whose commercial debts are forgiven. The bankruptcy exception to the debt forgiveness rules would remain in place for individuals. While bankrupt corporations would be subject to the reduction of their loss carryforward balances and other tax attributes upon debt forgiveness, as insolvent corporations they could qualify for relief from the debt forgiveness income inclusion rule provided under the existing deduction for insolvent corporations.

These proposals would apply to bankruptcy proceedings that are commenced on or after April 16, 2024.

Scientific Research and Experimental Development (SR&ED)

The government launched a consultation on the existing SR&ED tax incentives on January 31, 2024, which closed on April 15, 2024. The budget announces a second phase of consultations, to focus on specific policy parameters, explore how Canadian public companies could become eligible for the enhanced SR&ED ITC and inform how additional funding announced by the budget can support future enhancements to the SR&ED program. Further details of the consultation will be released on the Department of Finance Canada website at a later date.

International tax measures

The Organisation for Economic Co-operation and Development (OECD) has developed a framework for the automatic exchange of tax information relating to transactions in crypto-assets, the Crypto-Asset Reporting Framework (CARF). The budget proposes to implement the CARF in Canada. The new reporting rules will apply to crypto-asset service providers that are resident in Canada, or carry on business in Canada, and that provide services effectuating exchange transactions in crypto-assets. These service providers will need to report certain information regarding their customers and crypto-asset transactions. The budget also includes proposed amendments to the Canadian rules implementing the OECD’s Common Reporting Standard, including changes relating to electronic money products and central bank digital currencies. These measures will apply to 2026 and subsequent calendar years.

A person who makes a payment to a non-resident for services rendered in Canada is currently required to withhold 15% of the payment and remit that amount to the CRA. This is intended to serve as a prepayment of tax that the non-resident may ultimately owe in Canada. Certain non-residents do not owe Canadian tax for these services, e.g. due to exemptions in tax treaties, or exemptions for specific activities like international shipping. In these circumstances, the CRA may provide an advance waiver from the withholding obligation for specific transactions, or the non-residents may apply for refunds of amounts that have already been withheld. The budget proposes to give the CRA legislative authority to grant single waivers that cover multiple transactions occurring over a specific time period, where certain conditions are satisfied. This measure will take effect upon royal assent of the enacting legislation.

The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting has developed a two-pillar plan to reform the international tax system, as part of the “BEPS 2.0” initiative. On October 8, 2021, Canada and 135 other countries in the Inclusive Framework committed to adopt this plan (for a discussion on that commitment, see our  Tax Insights  “ The new international tax framework and Canada’s digital services tax ”). The budget provides an update on the two pillars of this international tax reform initiative.

Pillar One will introduce new rules for allocating taxing rights between countries to address challenges raised by the digital economy. These rules will generally apply to multinational enterprises (MNEs) with annual revenue above €20 billion and profit margins above 10%. The right to tax a portion of these MNEs’ profits will be reallocated to market countries (i.e. the countries where the MNEs’ users and customers are located).

The budget reaffirms Canada’s commitment to bringing Pillar One into effect as soon as a critical mass of countries is willing to participate. In the meantime, Canada is moving ahead with its plan to enact the Digital Services Tax (DST). Implementing legislation for the DST is currently before Parliament in Bill C-59. The DST will take effect beginning in calendar year 2024, with the first year covering taxable revenues earned since January 1, 2022. (For a discussion of the DST, see our  Tax Insights  “ Digital Services Tax: One step closer to becoming a reality .”)

Pillar Two will introduce a 15% global minimum tax. This tax will generally apply to MNEs with global revenues of at least €750 million. These MNEs will be required to compute their effective tax rate (ETR) in each country where they operate. If the ETR for a particular country is below 15%, a top-up tax will be imposed, to raise that ETR to 15% (this top-up tax may be reduced by a substance-based income exclusion, which is computed based on the payroll costs and net book value of tangible assets located in the jurisdiction). Draft legislative proposals for a Global Minimum Tax Act to implement the Pillar Two regime in Canada were released for public comment in August 2023 (for a discussion of those proposals, see our  Tax Insights  “ Canada releases draft Global Minimum Tax Act ”). The budget states that Canada is moving forward with this implementing legislation and intends to introduce it in Parliament soon.

Sales tax measures

Extending goods and services tax (gst) relief to student residences.

On September 14, 2023, the government announced that it would temporarily remove the GST from new purpose-built rental housing projects (i.e. apartment buildings, student housing and senior residences built specifically for long-term rental accommodation) by implementing an Enhanced (100%) GST Rental Rebate for new qualifying purpose-built rental housing projects (for more information, see our  Tax Insights  “ Enhanced GST rental rebate for rental apartments that begin construction after September 13, 2023 ").

To ensure that universities, public colleges and school authorities can also claim the Enhanced (100%) GST Rental Rebate for student residences that are built for short-term use, the budget proposes to amend the  Excise Tax Act  to allow them to apply the normal GST/Harmonized sales tax (HST) rules that apply to other builders (i.e. paying GST/HST on the final value of the building) in respect of new student housing projects.

The budget also proposes to relax the rebate conditions so that universities, public colleges and school authorities that operate on a not-for-profit basis (i.e. those that would currently qualify for the Public Service Body rebates under the GST/HST) can claim the 100% rebate in respect of any new student residence that they acquire or construct provided it is primarily for the purpose of providing a place of residence for their students.

The proposed measures would apply to student residences that begin construction after September 13, 2023 and before 2031, and that complete construction before 2036.

The budget proposes to repeal the temporary zero rating of certain face masks or respirators and certain face shields under the GST/HST for supplies made after April 30, 2024.

Previously Announced Measures

The budget confirms that the government will proceed with the following previously announced measures, as modified to take into account consultations, deliberations and legislative developments since their announcement or release:

• legislative proposals released on December 20, 2023, which include measures relating to the clean hydrogen ITC, the clean technology manufacturing ITC, concessional loans and short-term rentals
• legislative and regulatory proposals announced in the 2023 Fall Economic Statement, which include measures relating to the Canadian journalism labour tax credit, the expansion of eligibility for the clean technology and clean electricity ITC, the GST/HST joint venture election rules and the Underused Housing Tax
• legislative and regulatory amendments to implement the Enhanced (100%) GST Rental Rebate for purpose-built rental housing announced on September 14, 2023
• the carbon capture, utilization and storage and the clean technology ITCs and labour requirements related to certain “clean economy” ITCs
• enhancing the reduced tax rates for zero-emission technology manufacturers
• flow-through shares and the critical mineral exploration tax credit – lithium from brines
• Retirement Compensation Arrangements
• strengthening the Intergenerational Business Transfer framework
• the income tax and GST/HST treatment of credit unions
• a tax on repurchases of equity
• modernizing the General Anti-Avoidance Rule
• global minimum tax and DST
• technical amendments to GST/HST rules for financial institutions
• providing relief in relation to the GST/HST treatment of payment card clearing services
• extending the quarterly duty remittance option to all licensed cannabis producers
• revised Luxury Tax draft regulations to provide greater clarity on the tax treatment of luxury items
• technical tax amendments to the ITA and the Income Tax Regulations
• legislative amendments to implement changes discussed in the transfer pricing consultation paper released on June 6, 2023
• tax measures announced in the 2023 budget, including the dividend received deduction by financial institutions
• substantive CCPCs
• technical amendments to the ITA and Income Tax Regulations
• legislative amendments to implement the hybrid mismatch arrangements rules announced in the 2021 budget

The budget also reaffirms the government’s commitment to move forward, as required, with technical amendments to improve the certainty and integrity of the tax system.

Integration – Capital gains ($)

(taxation year ended December 31, 2024, and $10,000 of capital gains earned after June 24, 2024)

This table shows:

• the income tax deferral (prepayment) if capital gains in excess of $250,000 are earned and retained in a corporation as opposed to being earned directly by an individual
• the tax (cost) if the after-tax corporate income is paid out as a dividend to the shareholder in 2024

The table assumes:

• the individual is in the top marginal tax rate
• no capital gains deductions are available
• the non-taxable portion of the capital gain is distributed as a tax-free capital dividend
• the taxable dividend paid is sufficient to generate a full refund of refundable tax 

Download a PDF

Tax Insights: 2024 Federal budget ─ Supporting housing, raising taxes

Dean Landry

National Tax Leader, PwC Canada

Tel: +1 416 815 5090

© 2018 - 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

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Revealed: Canada’s Most Important Archaeological Discoveries

Posted: October 30, 2023 | Last updated: October 30, 2023

Digging up the past

Head-Smashed-In Buffalo Jump, Alberta

Bad-tempered bison were dangerous prey for the hungry Blackfoot tribe, but its brave hunters had a clever technique for bringing them down. They used their knowledge of bison behavior to drive the animals over a cliff edge at the colorfully named Head-Smashed-In Buffalo Jump – a practice in use for half a millennium or more. The carcasses were processed where they lay, leaving tools and countless skeletons as archaeological evidence. The cliff is not named after the buffalos, but an unfortunate Blackfoot who got too close to the falling animals.

Droulers-Tsiionhiakwatha, Quebec

Some five miles (8km) southwest of Montreal is a short-lived settlement populated by the Iroquoian tribe around 1450. The village of Droulers-Tsiionhiakwatha was discovered in 1994, and archaeologists have unearthed longhouses, storage pits and rubbish dumps that catered for approximately 600 inhabitants. Many of the buildings have since been reconstructed, creating an entertaining and informative archaeological park where visitors can learn about everyday life in pre-colonial Quebec.

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L’Anse Aux Meadows, Newfoundland and Labrador

For nearly 500 years Christopher Columbus was thought to be the first European to set foot in the Americas, but he lost his place in the record books in 1960 when archaeologists dug up L’Anse aux Meadows, and discovered that 100 or so Vikings had beaten him across the Atlantic. Nobody knows how long the Vikings stayed in Canada, or whether their sturdy wooden huts on the Newfoundland coast were part of an abandoned colony or trading station. But excavators found evidence of shipbuilding, woodworking and iron production, and the reconstructed buildings and modern visitor center give a strong sense of what the village must once have been like.

Herschel Petroglyphs, Saskatchewan

Like the tip of an iceberg, the large boulder overlooking Eagle Creek in southwest Saskatchewan is only partly exposed above the earth. But the small pits carved into its surface well below modern ground level suggest that the rock was once a much more prominent part of the landscape. Presumably that’s why local tribes left their mark on the boulder – although it’s still unclear whether the carvings were made during the 1st century AD or even earlier, perhaps as far back as 8,000 BC.

Cupids Cove, Newfoundland and Labrador

The first English settlers in Canada built a plantation beside Conception Bay in 1610. It was mostly abandoned by 1700 and forgotten for 250 years, until archaeologists rediscovered it near the picturesque modern-day village of Cupids. All visitors to Cupids Cove will find a small museum displaying artifacts found at the site, but some lucky guests might also see relics unearthed before their eyes at the ongoing excavations. The archaeologists are happy to chat with onlookers and explain what they’re working on.

Quarry of the Ancestors, Alberta

A quirk of geology means that a particularly pure variety of rock rises to the surface in what is now a swampy forest in Alberta, and it didn’t take long for Indigenous tribes to realize that it was perfect for knapping into stone tools. They visited the site for thousands of years after its first use around 9,800 years ago, and modern-day archaeologists have also returned time and again to uncover ancient spear points, arrowheads and stone flakes left behind by skilled ancient toolmakers.

Tse'K'wa, British Columbia

Also known as Charlie Lake Cave, this archaeological site is best known for its rubbish. Up to 12,000 years ago the inhabitants of the cave dug a waste pit just outside its entrance, wwhere they dumped debris from their bison hunts. They also buried two ravens, though the birds were deposited more than a thousand years apart. The archaeologists that excavated the cave in the 1970s and 1980s concluded that the birds could be the earliest known evidence of ritual behavior on the entire continent.

HMS Erebus, Nunavut

British explorer Sir John Franklin embarked on his notorious expedition to map a route through the icy Northwest Passage in 1845 – but he, his crew and his ships were never seen again. Investigators determined that his crew had become icebound and starved to death, but his flagship HMS Erebus remained missing until 2014, when it was at last located west of the Adelaide Peninsula. Marine archaeologists have since examined the wreck and raised several artifacts for public display, but its exact location has been kept a secret.

These amazing artifacts were all found on shipwrecks

Keatley Creek, British Columbia

Indigenous peoples first began living along Keatley Creek 7,000 years ago, and around 4,000 years ago a large community began to thrive here thanks to abundant fisheries and easy woodland hunting. The depressions left by more than 115 pit houses have since been found, some of which were as large as 70 feet (21m) in diameter. Archaeologists are unsure what caused the network of villages to be suddenly abandoned around a thousand years ago, but suggestions include a landslide on the Fraser River that blocked salmon runs, crippling the area's subsistence and trade economy.

Crawford Lake, Ontario

This attractive lagoon between Toronto and Hamilton offers gorgeous panoramic views, but its real wonders lie beneath the surface. The lake is 'meromictic', which means its layers of water do not mix, therefore the layers of sediment on its bed are a goldmine for scientists and archaeologists. Sediment samples reveal precise details about human activity going back thousands of years, from the arrival of the corn-growing Iroquois all the way back to the prehistoric Anthropocene era, when humans first started impacting Earth's ecosystems.

Flower’s Cove, Newfoundland and Labrador

The northwest coast of Newfoundland features the limestone barrens – a long stretch of unforested, rocky coastline. It may look bleak, but the section around Flower’s Cove contains a rare find: fossilized thrombolites, ancient stone structures formed millions of years ago by cyanobacteria and algae. It’s a top destination for geologists and paleontologists looking to understand the coastal landscape of the distant past, when it was lapped by warm, salty sea.

Bluefish Caves, Yukon

North America’s first human inhabitants arrived from the far northwest, when the continent was still attached to Siberia by a land bridge known as Beringia. Archaeologists working in Bluefish Caves discovered evidence of these early residents, collecting stone tools, butchered bones and other relics that may date back as far as 23,000 BC. Although the Bluefish Caves are off-limits to visitors, a life-size diorama has been constructed at the Yukon Beringia Interpretive Centre in Whitehorse.

L'Anse Amour Burial Mound, Newfoundland and Labrador

This burial mound on the coast of southern Labrador is the oldest known funerary monument in North America, marking the grave of an adolescent boy who belonged to the Maritime Archaic people and died around 5,500 BC. The body was covered with red ochre, wrapped in birch bark and placed in a large pit flanked by fires. Walrus tusks, harpoon heads, paint stones and a bone whistle were then interred with him, beneath a 26-foot-wide (8m) mound that probably took the local tribe at least a week to create. Archaeologists excavated the site in 1974 before restoring the mound’s original shape for modern-day visitors to admire.

Mallikjuaq Territorial Park, Nunavut

This island park, spread across Mallik Island and Dorset Island, boasts archaeological sites from the area’s Indigenous inhabitants dating back 3,000 years. Stone house foundations have survived the icy centuries since, and some of the scattered whale, seal and walrus skeletons still bear the marks of ancient hunters. There are also tent rings, fireplaces and meat caches belonging to the Inuit who lived here when white explorers first started traveling through the region.

Debert Palaeo-Indian Site, Nova Scotia

We’re lucky that a local married couple stumbled across these ancient remains when they went blueberry picking near the village of Debert in Nova Scotia in 1948, as the husband happened to be an amateur archaeologist. But even he had no idea that the artifacts he pulled up by the roots dated to 9,000 BC and represented the earliest known human activity on the Canadian Atlantic coast. Further investigation revealed 4,500 stone objects across five locations – probably seasonal camps used by Indigenous tribes as they followed the caribou migration.

Amazing archaeological finds uncovered by amateurs

Parc Cartier-Roberval, Quebec

Jacques Cartier was France’s Christopher Columbus – he led his country’s first expeditions to the so-called New World. Cartier’s third voyage of discovery ranged inland along the St Lawrence River and founded the first French colony on the riverside. Charlesbourg-Royal was abandoned after only two years thanks to starvation and hostile natives, and its exact location was lost until archaeologists rediscovered it in 2006 in present-day Cap-Rouge. The find is now preserved as a riverside park with historic trails.

Kejimkujik National Park, Nova Scotia

For thousands of years Indigenous peoples traversed the lakes and rivers of Kejimkujik by canoe. Archaeologists have since scoured more than 150 square miles (400sq km) of lakeshore and riverbank, uncovering camps, hunting sites and burial grounds. They also unearthed more than 500 individual petroglyphs recording details of everyday Mi'kmaq life. Some depict men and women in traditional dress, some show sailors hunting porpoises from canoes rigged with small sails, and some even bear the signatures of the artists that created them. Follow in the Mi’kmaq wake by hiring a canoe, kayak or paddleboard to explore the ancestral waterways.

Colony of Avalon, Newfoundland and Labrador

Like many early colonial settlements, the town of Ferryland in Avalon Colony was abandoned when its pioneers discovered better land. Now, the Colony of Avalon visitor attraction – still a working archaeological site – provides a snapshot of the early years of the English in Canada. Archaeologists have pulled more than a million individual objects from the rock-strewn soil, and the Colony of Avalon Foundation offers you the chance to add to the collection with hands-on excavation experiences.

Van Tat K'atr'anahtii, Yukon

Also known by its anglicized name 'Old Crow Flats', this wetland complex along the Old Crow River is inside the Arctic Circle and surrounded by mountains on all sides. But that didn’t stop the Vuntut Gwitchin people settling here more than 10,000 years ago. The Indigenous tribe, known as 'the people of the lakes', survived in the harsh north by hunting, and their arrival may have contributed to the local extinction of ground sloths, giant beavers and mammoths, all of which survive only in fossils.

Pointe-a-Calliere, Quebec

Montreal’s biggest and most-visited museum is built on top of several buildings and structures dating back to the city’s founding in the mid-17th century. The museum was constructed atop piles and pillars to ensure the archaeology was disturbed as little as possible, and visitors can view a range of in-situ sites including the city's first marketplace, the Fort Ville-Marie fortress, the city's first Catholic cemetery and even an enormous old sewer. All are presented in an engaging way, making innovative use of modern technology.

Petroglyphs Provincial Park, Ontario

The Indigenous peoples that lived near the modern town of Woodview regarded the forest as sacred – some thought that deep crevices in the rock led to the spirit world, and that the sound of water trickling underground was spirits talking. Around a thousand years ago, local tribes carved 1,200 petroglyphs into the rocks – the largest concentration of Indigenous carvings in Canada – including images of shamans, animals and spirits. Now, the carvings known as the Teaching Rocks are protected from the elements by a shelter at the heart of the provincial park.

These ancient finds quite literally changed history

Sproat Lake, British Columbia

Sproat Lake is best known as a summer getaway for Vancouverites, but the kayakers, hikers and paddleboarders that frequent its shores are unaware that the area was once home to Indigenous tribes as far back as 11,000 BC. Some of the early inhabitants must have been artists, because they carved the K'ak'awin petroglyph on lakeshore rocks – the wavy designs are thought to depict a mythological sea serpent.

Red Bay, Newfoundland and Labrador

Spanish and French pioneers on the Newfoundland coast discovered that its waters were thick with whales, and established a port at Red Bay to handle carcasses and process valuable whale oil. The gruesome trade has now been consigned to history, but the modern village has a whaling museum that includes a surprisingly small chalupa that's North America's oldest known whaling boat. The vessel spent 400 years at the bottom of Red Bay before it was recovered by maritime archaeologists, and is dwarfed by whale bones elsewhere in the museum.

Dinosaur Provincial Park, Alberta

The arid badlands of the Red Deer River valley in southern Alberta are perfect for the preservation of dinosaur fossils. At present, 350 or so specimens from the Dinosaur Provincial Park are spread across more than 30 major world museums, while many more are on display at the park's visitor center. Here you’ll find an astonishing range of finds, from large herbivores, bird-like creatures and duck-billed dinosaurs to the ever-popular T-rex-esque hunters. The 30 square miles (78sq km) of parkland have been a UNESCO World Heritage Site since 1979.

Discover the most fascinating fossil finds from recent years

Fortress of Louisbourg, Nova Scotia

This 18th-century French fortress is now a well-known living history museum that entertains and informs visitors with reconstructions and reenactments from Canada’s colonial past. But only a quarter of the original fort and town has been restored; the rest is still under investigation by archaeologists, who are working against the clock to record buildings at risk of destruction by coastal erosion and rising sea levels. They’ve also excavated graves from a burial ground to stop Canada’s colonial inhabitants being washed into the Atlantic.

Gitwangak Battle Hill, British Columbia

The Indigenous peoples along the Kitwanga River had a habit of raiding each other’s territory. When the village belonging to the Gitwangak tribe came under attack, its tribespeople would retreat to a hillfort, now known as Gitwangak Battle Hill, and use its steep sides to protect themselves. During the 1970s, archaeologists uncovered the remains of a palisade and defensive works. The mound can still be climbed, and a collection of totem poles stand nearby.

Igloolik Island, Nunavut

The Inuit inhabited Igloolik Island – between the Canadian mainland and Baffin Island, north of the Arctic Circle – from 2000 BC, and founded a number of settlements. Now only one small village remains, but archaeologists know about the others after discovering qarmaq (grass sod houses) and inukshuk (humanoid stone sculptures). Fishing and seal-hunting opportunities also made Igloolik Island a handy stopover for 19th-century explorer Edward Parry, who left behind evidence of his winter camp.

Chateau Saint-Louis, Quebec

When French colonists wanted a defendable seat of government for the colony of Quebec, they chose a prominent hill overlooking modern-day Quebec City. Even so, the British managed to capture the governor’s chateau in 1759. They gradually rebuilt the house but it was promptly destroyed by fire in 1834, after which it was replaced by a series of terraces. The remains of the French and British buildings, four forts and several outbuildings are now open to the public.

Fathom Five National Marine Park, Ontario

Lake Huron might be entirely inland, but the extraordinary number of shipwrecks at Fathom Five suggest it was just as treacherous for skippers as anywhere on the high seas. Maritime archaeologists have swept away the silt to uncover 24 sunken vessels, from the Avalon Voyager II – in water so shallow it can be viewed by snorkelers – to the 217-foot (66m) steamer Forest City. The area is famous for its scuba diving, but you can stay dry and see the wrecks too, since glass-bottom boat tours pass over the 19th-century ships Arabia and Sweepstakes.

Writing-on-Stone Provincial Park, Alberta

Almost in touching distance of Canada’s southern border, this 1,100-hectare prairie contains the greatest concentration of Indigenous rock art in the Great Plains. Thousands of individual works dating back more than 3,000 years are spread across 50+ sites, with hiking trails linking some of the best areas to explore. The Blackfoot created most of the carvings, although other nomadic tribes may also have left their own artworks on the towering cliffs and spires.

Now learn about America's most important archaeological discoveries

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