Microsoft word - 2012fedbudget.docx

In this Issue:
2012 Federal Budget
The Optimizer
2012 Federal Budget  
Out with the austerity and in with the
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
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
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
International Taxation
Registered Disability Savings
Other Changes
Plan (RDSPs)
to deduct interest on non-arm’s length Charities
construction, engineering, agricultural, The Madison Centre 4950 Yonge Street, 4th Floor Toronto, Ontario M2N 6K1 Phone: 416-250-1212 Fax: 416-250-1225 E-mail: Editor: Brook Scarr, HBA, CA, Tax Partner Phone: 416-646-8071 E-mail: All rights reserved. Permission to reproduce or copy in any form or means is prohibited without the express written consent of SF Partnership, LLP. All information contained in this publication is general in nature, and should not be construed as professional advice. R  eaders are urged to consult their professional advisors before taking any action based on this publication.


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