On June 6, 2011, the Canadian federal government tabled a budget
containing the same income tax measures as in its budget delivered
on March 22, 2011. There have been no substantive changes, and
announced measures generally retain the effective dates announced
in the original March 22, 2011, budget. Click
here for Norton Rose's original summary of these income tax
The June 2011 Budget also contains several notable non-income
the House Standing Committee on Finance will be asked to
undertake a study of charitable donation incentives in the first
session of this Parliament;
a provision has been made in the 2011– 2012 fiscal
year for $2.2 billion to be paid to the province of Quebec,
provided there is a satisfactory agreement between the federal and
Quebec governments on sales tax harmonization which, the Government
announced in the Throne Speech delivered on June 3, 2011, should be
reached by September 15, 2011;
as had previously been proposed, the Government announced the
phase-out of subsidies for political parties; and
the Government's updated forecast for eliminating the
federal deficit projects that the federal government will be in
surplus by 2015–16.
We expect that the bill containing the measures set out in the
June 2011 Budget will not be introduced in the legislature until
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With the 2017 federal budget likely due to be released in late February or March, there is speculation that the government may curtail the preferential tax treatment afforded to gains on the disposition of capital property
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