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2022 Federal Budget Highlights

DMCL

Budget 2022 introduces the Multigenerational Home Renovation Tax Credit which will allow families to claim a 15% tax credit up to $50,000 in renovation and construction costs. Introduction of a Multigenerational Home Renovation Tax Credit. Elimination of some impacts of the new IFRS 17. Labour mobility tax deduction.

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FASB Looks to Add New Rules on Accounting For Government Grants by Businesses

CPA Practice

accounting rules don’t currently have specific guidance about the recognition, measurement, and presentation of a grant received by a business entity from a government. A grant related to income is a government grant other than a grant related to an asset (for example, a grant that reimburses a business entity for operating expenses).