Formerly .pdf

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Author: Kirsten Gardner-Lichach

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2017 Federal Budget
Finance Minister Bill Morneau delivered the Trudeau government's second budget
yesterday. Key highlights are as follows:

The election promise to balance the budget by 2019-20 is gone - instead the
projected deficit for 2017-18 is $28.5 billion, declining to $18.8 billion by 2021-22
(including an annual $3 billion contingency fund)
$200 million in net new spending
Despite previous widespread speculation to the contrary, there are no changes to
corporate or personal income tax rates or the small business deduction threshold
and no changes to capital gains taxation - a decision widely seen by political
commentators and pundits as the "Trump effect"
The Budget proposes to address a range of tax loopholes and inefficiencies,
including: eliminating billed-basis accounting for certain professionals, preventing
tax avoidance through straddle transactions, eliminating the tax deduction for
home relocation loans, applying tax-avoidance rules to Registered Education
Savings Plans (RESPs) and Registered Disability Savings Plans (RDSPs), eliminating
the additional deduction for gifts of medicine, preventing Canadian life insurers
from using foreign branches to avoid tax, repealing the tax exemption for insurers
of farming and fishing property and the elimination of the Public Transit Tax Credit
The existing Caregiver Credit, Infirm Dependent Credit and Family Caregiver Tax
Credit will be replaced with a single new, non-refundable credit, the Canada
Caregiver Credit
The budget imposes modest tax hikes to alcohol, cigarettes and ensures that ridesharing services such as Uber charges passengers the GST/HST.

To read our full commentary on the 2017 Federal Budget, click here
A copy of our latest Tax News Letter is available here
As a reminder, the April 30th personal tax filing deadline is fast approaching ! We
encourage you to use our secure web-portal to upload documents to us.
Please remember that we moved offices last December. Here is a map of our new location.
We really appreciate your business and value you as an email subscriber.
Warmest Regards,
Innovo LLP

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