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Canada’s 2021 budget: Impact on the consumer products industry

Minister of Finance Chrystia Freeland tabled Canada’s Federal Budget on April 19, 2021. It featured significant stimulus spending aimed at bolstering Canada’s economic growth following the COVID-19 pandemic. In particular, the government announced critical measures to help businesses operating in the consumer products industry.

This articles summarizes the various measures announced in the budget that consumer products businesses should leverage. For more details on the measures mentioned below as well as other tax measures, please reference the 2021 Canada Federal Budget: Detailed Commentary article.

KEY TAKEAWAY
The consumer products sector is undergoing significant changes, from rapidly changing consumer preferences to continued changes in technology and innovation. The budget proposed numerous key measures for the consumer products sector that businesses should consider in the context of their shifting business environments.

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Source: RSM Canada LLP

Used with permission as a member of RSM Canada Alliance

Canada’s 2021 budget: Impact on the consumer products industry (rsmcanada.com)

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Tax Content Disclaimer:
The following disclaimer must be used in addition to the RSM Canada Alliance legal disclosure when repurposing tax content from RSM.
The information contained herein is general in nature and based on authorities that are subject to change. RSM Canada LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM Canada LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

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