In this Issue: 2012 Federal Budget Business GST/HST International Individual The Optimizer 2012 Federal Budget Out with the austerity and in with the prosperity
Finance Minister Jim Flaherty delivered a "penny-pinching” budget designed to give Canadians confidence and a fresh sense of hope.
The budget projects deficits of $24.9 billion in 2012, $21.1 billion in 2013, $10.2 billion in 2014 and $1.3 billion in 2015 and the budget is expected to achieve ongoing savings of $5.2 billion as the direct result of spending cutbacks and prudent fiscal management.
With Tuesday’s Ontario budget offering limited change in areas of taxation, the federal budget did not disappoint and delved into areas and programs on many different levels.
Raising the age of pension eligibility for seniors from 65 to 67 and chopping the CBC’s budget by10% are among the non-tax oriented highlights. Canadians will soon experience the disappearance of the penny and starting in June, the raising of the limits on the amount of purchases cross-border shoppers can bring back tax-free to $200 after 24 hours and $800 after 48 hours.
In this budget commentary, we provide an overview of the proposed changes and how they will impact Canadian businesses and individuals as the budget touched on just about every area of taxation.
Business Partnership Rule Changes Partnership Disposition to a Non- Retirement Compensation Resident Arrangements Section 88 Bump On Wind-Up
On the sale of a partnership interest to
(“RCAs”) from engaging in non-arm’s
length transactions, similar to existing
Employee Profit Sharing Plans Partnership Waivers
payable by a “specified employee” on
of a partnership, if more than three years have elapsed since the latter of
employee’s salary received in the year
Rather than all partners having to sign, the waiver may now be made by
Tax Credits for Mineral Exploration Life Insurance Policy Exemption
extend eligibility for this tax credit for
evidenced in writing, to acquire control
with the subsidiary and this occurs in 2012.
proposes to phase out this corporate tax credit by 2014 for exploration
production development expenses. Transitional relief will be provided in
recognition of the long timelines involved in developing mines.
Business Scientific Research and Accelerated CCA for Clean Energy Experimental Development Program Generation Equipment
Capital Cost Allowance (“CCA”) Class
Doubling GST/HST Streamlined Accounting Thresholds Split-Dividend Designation and Late Designation for Eligible Dividends GST/HST
the dividend to be an eligible dividend.
GST/HST Health Measures
tax credit (“DTC”) and the remaining
portion will qualify for the regular DTC.
Hiring Credit for Small Business
Last year’s temporary Hiring Credit for
International Individual International Taxation Registered Disability Savings Other Changes Plan (RDSPs)
to deduct interest on non-arm’s length
construction, engineering, agricultural,
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