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
Norton Rose OR LLP
Norton Rose OR LLP is a member of Norton Rose Group, a leading
international legal practice offering a full business law service
to many of the world's pre-eminent financial institutions and
corporations from offices in Europe, Asia Pacific, Canada, Africa
and the Middle East.
The Group's lawyers share industry knowledge and sector
expertise across borders to support clients anywhere in the world.
The Group is strong in financial institutions; energy;
infrastructure, mining and commodities; transport; technology and
innovation; and pharmaceuticals and life sciences.
Norton Rose Group has more than 2600 lawyers operating from 39
offices in Abu Dhabi, Amsterdam, Athens, Bahrain, Bangkok, Beijing,
Brisbane, Brussels, Calgary, Canberra, Cape Town, Dubai, Durban,
Frankfurt, Hamburg, Hong Kong, Johannesburg, London, Melbourne,
Milan, Montréal, Moscow, Munich, Ottawa, Paris, Perth,
Piraeus, Prague, Québec, Rome, Shanghai, Singapore, Sydney,
Tokyo, Toronto and Warsaw; and from associate offices in Dar es
Salaam, Ho Chi Minh City and Jakarta.
Norton Rose Group comprises Norton Rose LLP, Norton Rose
Australia, Norton Rose OR LLP, Norton Rose South Africa
(incorporated as Deneys Reitz Inc), and their respective
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
For those of us that rely on our trusted financial advisor, thoughts of our RRSP will be put on the back shelf until early 2018, when we are scrambling to make our last-minute contributions before the deadline.
You can't say Justin Trudeau didn't warn us. He made it very clear during his campaign to become Prime Minister that he planned to introduce legislation that would be damaging to the Western Canadian oil and gas industry.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).