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An Epic Day Trip To Damme: The Cutest Town In Flanders

Damme is not really the typical destination for foreign tourists but it does attract a lot of Belgian tourists every weekend and during school holidays. This is not without reason, Damme is one of the cutest and smallest historical cities in Belgium, located close to the Netherlands and the Belgian coast.

In Damme, you can explore both the cultural heritage of the city which is only a few streets large, or you can follow one of the many hiking routes starting in and around the city.

You might notice that I call Damme a city, even though it’s pretty small (compare it to Durbuy ). The reason for this is because, in the past, Damme used to be a flourishing harbour and that is the time when they received the title of ‘city’, which they still hold.

Nowadays, you can barely call Damme a village, but its history can be seen everywhere you look!

How to reach Damme

The easiest and fastest way to reach Damme is by car because, let’s be honest, Damme is quite a remote location (in Belgian terms at least). There are two free parking lots located just outside the ‘city’ which are Parking Damme Oost and Parking Damme Zuid.

However, during the touristic season, these parking lots fill fast. Therefore, another preferred way to reach Damme is by bike. You can easily bike the ‘Damse Vaart’ from Brugge to Damme and enjoy the beauty of nature since the area around Damme is a protected breeding place for all kinds of birds.

Another fun way to reach the city is by taking the boat, called ‘ Lamme Goedzak ‘, from Bruges to Damme. This boat leaves 4 times a day from Brugge to Damme (and the other way around) from April 3rd until November 15th and takes about 35 minutes. Plus, there is a bar on board so you can enjoy a drink with a view on your way!

If you’d rather like to use public transport, you can also take a bus from the train station of Brugge to Damme, which takes about 20 minutes.

Related: How To Sp end 1 Day In Bruges

What you should see on your day trip to Damme

The ‘city’ of Damme is only a few streets large, yet, you can easily spend an afternoon here, especially if you also decide to discover the natural area around Damme by bike or on foot. So take your time, don’t be rushed and make this a day trip to never forget!

Climb the church tower

For me, the church tower was the absolute highlight of Damme. Part of the church is a ruin by now, but another part is still used as a church and the tower is still accessible to visitors. I encourage you to take a look inside the church, as it’s a small museum with explanations about several religious objects, and afterward climb the tower.

However, I don’t recommend going up if you have a severe fear of heights. I found it quite an adventure getting to the top of the tower, first you need to go up a stone spiral staircase that halfway turns into wood holding a simple rope, and after that, you’ll climb up a wooden ladder to push open a hatch to get on top!

But if that doesn’t scare you, you’ll get an amazing view over the city, not to be compared with any other city view!

The old man below will give you binoculars and a map so you know what you’ll see in the landscape around you. Entrance to the tower will cost you €2.5 and is certainly worth the small fee!

Admire the City Hall

The city hall of Damme is probably the most beautiful building you’ll encounter. Although you can only enter when there is an event or exposition, you can still admire the decorations on the outside and the statue of Jacob van Maerlant, a Flemish poet who was born in Damme.

Moreover, if you need some cash to pay for any books you find in one of the lovely bookstores, you can find an ATM in the most right door in the city hall.

If you have been walking for a while this is also the perfect spot to stop and have a drink while admiring the beauty of this lovely place.

Visit Tijl Uilenspiegel Museum

Tijl Uilenspiegel is a folklore character that pranked everyone he met. Stories about him have been told since the 1500s and have been written down by Charles De Coster in 1867. Tijl Uilenspiegel was especially popular in Damme, and now there is a whole museum dedicated to his character.

If you’re visiting Damme with kids this is the perfect activity for you, but be aware that making a reservation beforehand is mandatory! You can find more information here .

Buy something at the candy house

Alongside the canal, there is this tiny house that has a clear sign with ‘snoep’ (‘candy’) on it. Normally, you can buy delicacies here on your way. However, at the time of my visit, it was unfortunately closed. I hope you’ll have more luck!

Stroll around bookshops and the book market

In Damme, you’ll find many small and picturesque bookshops, plus, the village is known for its book market every second Sunday of the month from 10h to 17h.

A great activity, therefore, is to stroll around the different bookshops, where you’ll find many second-hand books for only a small price. If you’re lucky to visit on the right day, you might also get to visit the book market.

Walk around the old city walls

When you walk into Damme from Parking Damme Oost, you’ll see several walks indicated left and right that will take you around the city where the old city walls used to stand. Right now, you can enjoy a view alongside the city and encounter several types of animals on your way as the village is surrounded by fields and nature.

It doesn’t take you too long to walk these paths, and it’s nice to get away from the crowds as Damme can get quite busy during weekends and school holidays.

Take a look at the Tijl Uilenspiegel sculpture

I’ve introduced the figure of Tijl Uilenspiegel earlier in this post (see ‘Tijl Uilenspiegel Museum’). Because this figure is so important for Damme and its history, small bronze sculptures have been placed alongside the canal depicting a scene of Tijl Uilenspiegel fooling animals.

The sculptures are a true work of art by Jef Claerhout and are definitely worth stopping by to take a look!

Admire the old windmill ‘Schellemolen’

When you cross the canal and walk for several meters to your left, you’ll encounter an ancient windmill firmly standing like it used to stand hundreds of years ago. Its picturesque look makes it one of the most photographed mills in the world!

It is possible to visit the mill on the inside but only on weekends or through special requests (see Tourism Damme ).

Enjoy a boat tour Damme-Brugge

As I previously mentioned, a great way to make your way to Damme from Brugge is by boat. The ‘ Lamme Goedzak ‘, the name referring to a figure from the Tijl Uilenspiegel folklore, takes you four times a day from Bruges to Damme and back.

On board, you can enjoy some drinks and look out over the beautiful fields that you’ll pass along the way to Damme. This is, without doubt, one of the best ways to start and end your day trip to Damme!

Spot the storks and their nests

You’ll see them all over the city, nests placed on huge poles as breeding places for the storks that are so typical for Damme.

Wherever you walk, watch out for them. If you come in spring or summer, you might get to see the storks and their babies! The best way to locate all the nests and see them is by climbing the church tower.

You can come quite close to some of these nests, one is located behind the church, but be careful not to disturb the storks too much so they will want to come back to breed next year as well!

Be inspired by Natuurpunt Damme

Damme is located in between natural areas that are preserved as breeding spaces for birds. Responsible for the preservation in Flanders is Natuurpunt, which organizes several activities in and around Damme as well!

Some activities include summer walks, biking excursions, spotting bats, and much more! These activities are entirely run by volunteers. Check out the website of Natuurpunt for walking routes and upcoming activities!

Ready to go?

Whether you’re exploring Damme by bike, by car, or are taking a day trip from Bruges to Damme, there’s plenty to see and do in Damme and the region guaranteeing you a great time, also with kids!

If you want to explore more of the region, take a look at neighboring villages such as Oostkerke and Moerkerke. There’s plenty to see there as well! Of course, don’t forget to visit Bruges in the meantime!

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• 1 Understand
• 2.2 By boat
• 3 Get around

Damme is a postcard-perfect village in the northern corner of West Flanders , about 5 km (3 mi) northeast of Sasplein in Bruges , on the cross-country Damme Canal (French: Canal de Damme; Dutch: Damse Vaart or Napoleonvaart).

Understand [ edit ]

Damme (pronounced DUHM-muh) is a popular side trip for tourists who are visiting Bruges and is a popular venue for eating out, and a destination for boat trips.

Get in [ edit ]

By bus [ edit ]

Direct bus service from Bruges (Brugge) to Damme via bus line 43 is very limited with one bus leaving the Bruges railway station at mid-day and another returning from Damme in early evening. There is no week-end or holiday service. Consult the De Lijn website [dead link] to confirm current bus info. It is probably better take the canal boat trip.

By boat [ edit ]

There is a tourist boat [dead link] to Damme from Noorweegse Kaai 31 in Bruges (a few meters east of the intersection with Jules van Praetstraat) that runs between April 1 and September 30. It provides 5 trips daily in each direction. The trip takes 35 minutes each way. One way tickets cost €8, return tickets cost €11.

Noorweegse Kaai is about 5 km from the Grote Markt in central Bruges. If that is too far to walk, then take bus line 4 from Bruges (Brugge) Station via the Grote Markt (bus stop Brugge Markt) and get off at Brugge Sasplein. You then need to walk 10 minutes to the boat dock. If the drawbridge at Sasplein is up to let a boat go through, then get off at Brugge Gistfabriek as the bus may make a long detour rather than wait for the bridge to lower. The stop Brugge Sint-Josef may be closer to the wharf, but you may need a map to find your way. Google Maps show bus stop locations in Bruges (Brugge). Consult De Lijn [1] [dead link] for bus info.

By car [ edit ]

By car, take the road Damse Vaart-Zuid from Brugge Sasplein to Damme Kerkstraat.

Get around [ edit ]

The central area of the village is about 500 m long and about 500 m at its widest. Thus, getting around is easy and even recommended by foot.

See [ edit ]

The buildings along the picturesque Kerkstraat are the main attraction. From the main street in town (Kerkstraat - literally Church Street) you might see sheep grazing in the pasture behind the church.

At the corner of Speystraat and Damse Vaart-Zuid there is an interesting sculpture in a small, narrow park.

• 51.250461 3.277474 1 Windmill , Noorweegse Kaai . The Schellemolen windmill is a classic windmill built in 1867 in a very rustic setting  
• 51.251623 3.281766 2 Town Hall , Markt 1 . This Gothic town hall is worth to stop by.  
• 51.251368 3.281907 3 Uilenspiegelmuseum , Jacob van Maerlantstraat 3 , ☏ +32 50 28 86 10 . Dedicated to Till Eulenspiegel, a 14th-century folklore trickster alleged to play amusing practical jokes on his contemporaries, exposing vices at every turn, greed and folly, hypocrisy and foolishness. ( updated Jun 2019 )

Do [ edit ]

Buy [ edit ].

Every second Sunday of the month, there is a book market on the Market Square (in winter inside the Town Hall).

Eat [ edit ]

• 51.250441 3.282462 1 Tante Marie , Kerkstraat 38 , ☏ +32 50 35 45 03 . Daily 10:00—18:00 . Little café close to the church serving coffee, a variety of small cakes and food. ( updated Jun 2017 )

Drink [ edit ]

• 51.251968 3.280934 1 De Smisse , Kerkstraat 6 , ☏ +32 50 35 12 46 . Good place to have an afternoon coffee. You can also get some small dishes here. ( updated Jan 2018 )

Sleep [ edit ]

• 51.289378 3.333622 1 Camping Hoeke , Damse Vaart-Oost 10 , ☏ +32 50 50 04 96 . ( updated Jan 2018 )

Connect [ edit ]

Go next [ edit ].

• Sluis — a very charming small historic city just across the Netherlands border, where the Damse Vaart (Damme Canal) terminates.
• Lissewege — an extremely charming village, 10km northwest
• Knokke-Heist — Belgium's most exclusive coastal town, 13km north

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Home » Travel Guides » Belgium » 15 Best Things to Do in Damme (Belgium)

15 Best Things to Do in Damme (Belgium)

In a wide-open polder landscape, Damme is a historic fortified town that grew up in Medieval times as a trading outpost for nearby Bruges.

Under Napoleon a big strip of the town was demolished to make way for the Damse Vaart, a canal that was to be one piece of an ambitious but unrealised network of waterways joining Northern France with the Low Countries.

When Damme was under the Spanish yoke during the Eight Years’ War the town was reinforced with earthwork bastions, ravelins and moats, in a seven-pointed system that is still unmistakable today.

On the cobblestone Kerkstraat you’ll come by hundreds of years’ worth of Gothic and Renaissance architecture and exciting clues from Damme’s time as a garrison town in the 17th century.

1. Onze-Lieve-Vrouw-Hemelvaartkerk

If there’s a single sight that you have to visit in Damme it’s the now deconsecrated church dedicated to the Ascension.

This Scheldt Gothic building went up during the 13th century, and had attained a cathedral-like scale by the 14th century when the distinctive flat tower was added.

Catastrophe came in 1578 when the church was looted by the Geuze, and more followed over the coming centuries when Damme’s decline required the transept and nave to be demolished in the 18th century.

The splendid Late Gothic choir is still intact, and on the pillars along the central aisle are 13th-century carvings of the apostles that survived the religious violence of the 16th century.

April to September you can climb the tower’s 206 steps to survey Damme and the zigzagging lines of its old fortifications.

2. Stadhuis

Damme’s town hall is a Brabantine Gothic masterpiece completed in the 1460s on the foundations of an older hall.

Along with stepped gables at each end and a 17th-century wooden cupola, the hall’s exterior features a double staircase, crocketed pinnacles, a traceried balustrade and six niches with 19th-century statues.

These mainly depict the Counts of Flanders, but also include Charles the Bold (Duke of Burgundy) and Margaret of York who were wed right here in Damme in 1468. The carillon holds 39 bells, two of which were cast in the 14th century, and just below that is a working clock from 1459. As well as weddings, municipal meetings continue to take place at the Vierschaere hall inside.

And both this and the adjacent Raadzaal have marvellous sculpted beams from 1465.

3. Kerkstraat

On this broad cobblestone street, cutting in from the Damse Vaart canal you’ll happen upon much of Damme’s built history.

The Stadhuis, Onze-Lieve-Vrouw-Hemelvaartkerk and the historic hospice Sint-Janshospitaal are all on Kerkstraat, while the monumental residence, Huyse de Grote Sterre, will also be in full view.

There are 12 listed monuments in all on the way, but Kerkstraat is also Damme’s commercial artery, with locally owned boutiques, galleries and more than its fair share of places to eat and drink.

The low-lying polder countryside all around Damme is a cyclist’s dream, made even easier to explore thanks to more than 930 kilometres of paths on the Brugse Ommeland Cycling Network.

You can coast beside canals and through forest and polders, and will never be far from a historic fort or picturesque village.

The network’s green-white signposts and numbered junctions (knooppunten) will help you find your way with ease.

For extra inspiration there are more than 50 designated cycling trails running through Damme or passing close by.

One long-distance trail is the 280-kilometre Nordzeeroute between Boulogne-sur-Mer and Den Helder in the Netherlands.

Keeping things local, “Hollandstellung” and “Damme aan het Front” are two trails installed with information boards pointing out the history of the area in the First and Second World Wars respectively.

5. Schellemolen

One image always associated with Damme is this windmill standing sentry on the west bank of the Damse Vaart canal as you arrive.

In its current form the Schellemolen dates back to 1867, but a mill has been standing on this spot since 1479. Inside are two sets of millstones for grain and one for oil in the basement.

The Schellemolen closed as a commercial mill in 1963 but was bought by the province of West Flanders in 1971 and has been milling since 1977. You can go inside on weekends in the spring and summer

6. Stadswallen van Damme

In the 17th century during the Eighty Years’ War between the Netherlands and Spain, Damme became a garrison town reinforced by layers of ramparts and moats in the shape of a seven-pointed star.

These defences are still easy to identify from the top of the Onze-Lieve-Vrouw-Hemelvaartkerk.

The ramparts and polder have become a nature reserve that is a wintering site for thousands of geese, namely pink-footed geese and greater white-fronted geese.

In summer, grebes, tufted ducks, cormorants and great blue herons are commonly sighted in the water and wet meadows.

An accessible paved path follows the contours of the star, next to lines of poplars and a willow coppice.

Where Kerkstraat meets the defensive moat you’ll come to the vestiges of Damme’s casemate, now a winter home for bats.

7. Damse Vaart

The way many people arrive in Damme is via this 15-kilometre canal, linking Bruges with the Dutch border town of Sluis.

The Damse Vaart was actually the brainchild of Napoleon, who wanted an inland means of moving large numbers of troops.

The system was to connect the cities of Northern France with Antwerp, but the Damme-Sluis portion branch was still incomplete by the time he was out of power.

In 1818 William I of the Netherlands ordered the canal’s completion, which required a big chunk of Damme to be demolished.

There are five trips a day each way between Damme and Noorweegse Kaai in Bruges, between the start of April and end of September.

And once you’re in Damme, the tree-lined towpath will beckon you into the endearing polder landscapes around the town.

8. Huyse de Grote Sterre

The handsome building with two gables to the right of the Stadhuis is known as Huyse de Grote Sterre and has centuries of stories to tell.

In the Late Gothic style, this is actually two commercial buildings, De Sterre and Crayenest, joined together in the 1400s or 1500s.

In the basement there’s evidence dating the two buildings back to the 1200s.

When the Spanish held sway in Flanders in the 17th century, this building became the property of the King of Spain, and the coat of arms above the portal dates from the 18th century when it was the residence of canon J. van der Stricht.

This is combined with his motto “Pacem opto” (I choose peace). At the end of the 20th century the Huyse de Grote Sterre was suffering from years of neglect and partially collapsed in a storm in 1992. Now the building is fully restored and contains Damme’s tourist office, a heritage shop and a museum about the picaresque character Till Eulenspiegel.

9. Uilenspiegelmuseum

In 1867 the novelist Charles De Coster published his masterpiece, “The Legend of Thyl Ulenspiegel and Lamme Goedzak”, in which the hero is born in Damme.

This put Damme among many cities around the Low Countries, Germany, Bohemia and as far as Italy to be associated with Till Eulenspiegel.

For the uninitiated Eulenspiegel is a roving folkloric prankster, written about since the 16th century.

In these bawdy episodic tales, he exposes people’s vices, be they greed, vanity or hypocrisy, and gives them a comeuppance that normally involves plenty of scatology.

The museum Huyse de Grote Sterre investigates the history of the character over five centuries, calling on copies of manuscripts, painting, sculpture and prints dating back to the 1500s.

10. Sint-Janshospitaal

Set on Kerkstraat, but also continuing down Bergstraat to the southwest is a hospice and almshouse established in the 13th century.

The Sint-Janshospitaal was initiated by the city council and offered care for the sick and shelter for passersby, given by the Augustinian sisters and brothers.

The main Medieval structure, fronting Kerkstraat, has Early Gothic architecture and was built between 1270 and 1285. The wing to the west was added in the 15th century, and further extensions were made in the 16th, 18th and 19th centuries.

Part of the building still functioned as a care home all the way up to 2014. As of 2020 the complex is owned by the city and awaiting restoration.

In the meantime the site stages exhibitions as part of the Damme Stadsfestival between September and December.

If you do get in to view the Baroque 17th-century chapel, there’s statuary from the 1400s to the 1600s, and a fragment of a sculpture of Christ ascribed miraculous qualities but destroyed in 1578 by the Geuzen.

11. Jacob van Maerlant Statue

One of the foremost Middle Dutch authors of the Middle Ages, Jacob van Maerlant, lived in Damme during the 13th century.

Van Maerlant, who died around 1300 started out translating French romances into Middle Dutch, and later devoted himself to historical and scientific works for the enlightenment of the Flemish and Dutch nobility.

With more than 230,000 verses he is among the most prolific of all Medieval authors, and coined expressions that have become entwined with Flemish national identity.

He was buried under a blank stone at Onze-Lieve-Vrouw-Hemelvaartkerk, reasoning, according to tradition, that it wouldn’t be him but his corpse under there.

And you’ll come across his statue in front of the town hall, carved by Bruges sculptor Hendrik Pickery (1828-1894) and unveiled in 1860.

12. Boekenmarkten

Damme’s literary heritage makes it an apt location for a book market taking place every second Sunday of the month.

In the summer months the market is held on the little cobblestone square in front of the Stadhuis, fittingly at the foot of the statue of Jacob van Maerlant, and in winter it moves into the town hall.

The market trades between 10:00 and 18:00 and although there’s always a big breadth of categories, every month brings a different overarching theme.

These are posted on Damme’s official tourism website and range from horticulture to poetry, travel, history, gastronomy, children/youth and foreign languages.

13. Hoeke Windmill

This tower mill is impossible to miss in the polder landscape next to the N49. In Medieval times Hoeke, now a little hamlet, was a fully-fledged town and there’s mention of a mill in 1344. Records show that in 1481 there was a windmill where the current one stands.

And while the present building went up 1840, the machinery within bears the year 1772. Grain was milled here up to 1936, and the building was safeguarded with protected monument status in 1981. This led to a couple of restorations and since 1985 the Hoeke Windmill has been in working order.

Now under the wing of the Erfgoed Vlaanderen, protecting Flemish heritage, the Hoeke Windmill can be visited every Sunday between 10:00 and 12:00.

14. Verbrand Fort

As part of a line of defences erected during the War of the Spanish Succession at the start of the 18th century, this redoubt was built a couple of kilometres out of Damme.

The Verbrand Fort (Burnt Fort) was an outpost of the larger Fort van Beieren, the outline of which is still visible to the south-west of Damme.

With a square plan, Verbrand Fort, so called after its wooden watchtower burnt down, is easy to locate in the nook created by the Schipdonkkanaal and the Romboutswervedijk.

Since 2001 the site has been a nature reserve, and in 2011 the earthwork ramparts were restored.

There’s a large interpretative board recounting the site’s history and detailing the many waterfowl and passerine bird species that come to this wet meadow habitat to forage.

15. Damme Golf & Country Club

If you’re up for a spot of golf the town’s namesake course is barely ten minutes away.

The 18-hole championship course, peppered with trees and water hazards, strikes a balance in offering a fun test for accomplished players, while keeping newcomers in the game.

If you play off the back tees the course has a tough total length of more than 6220 metres.

There’s also the nine-hole President’s Nine, landscaped by Belgian course architect Bruno Steensels and playing like a links course for its undulating sandy hills.

Novices meanwhile could make a start at the nine-hole Compact Course, also great if you need to brush up on your short game.

15 Best Things to Do in Damme (Belgium):

• Onze-Lieve-Vrouw-Hemelvaartkerk
• Schellemolen
• Stadswallen van Damme
• Damse Vaart
• Huyse de Grote Sterre
• Uilenspiegelmuseum
• Sint-Janshospitaal
• Jacob van Maerlant Statue
• Boekenmarkten
• Hoeke Windmill
• Verbrand Fort
• Damme Golf & Country Club

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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

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