Bill C-69,Budget Implementation Act, 2024, No. 1was passed by the Parliament and received royal assent on June 20, 2024. Bill C-69 contains provisions to implement certain tax measures announced in the 2024 federal budget:
- The adoption ofGlobal Minimum Tax Actthat implements the OECD/G20 BEPS pillar two framework by imposing a top-up tax on certain entities with subsidiaries that enjoy a low tax rate overseas.
- The amendment to the alternative minimum tax rules by increasing the exemption amount, increasing the minimum tax rate, and removing certain deductions and credits.
- The introduction of a temporary $10 million capital gains exemption on the sale of a business to an employee ownership trust.
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