The Budget confirms the Federal Government's intention to
proceed with the following previously announced tax and related
measures, as modified to take into account consultations and
deliberations since their announcement or release:
Legislative proposals released on
July 12, 2013, providing new rules to ensure an appropriate income
inclusion for stub-year foreign accrual property income on
dispositions of foreign affiliate shares.
Legislative amendments proposed in
Economic Action Plan 2014 to ensure that the Office of the Chief
Actuary can efficiently and effectively deliver its services to key
Measures announced in Economic Action
Plan 2014 relating to the Goods and Services Tax/Harmonized Sales
Tax joint venture election.
A proposed change announced on
December 23, 2014 to the limit on the deduction of tax-exempt
allowances paid by employers to employees that use their personal
vehicle for business purposes.
Regulatory proposals released on
February 19, 2015, establishing a capital cost allowance rate of 30
per cent for equipment used in natural gas liquefaction and 10 per
cent for buildings at a facility that liquefies natural gas.
Measures announced on March 1, 2015
to support Canadian mining:
Extending the 15% Mineral Exploration
Tax Credit for investors in flow-through shares for an additional
year, until March 31, 2016; and
Ensuring that the costs associated
with undertaking environmental studies and community consultations
that are required in order to obtain an exploration permit will be
eligible for treatment as Canadian Exploration Expenses.
Measures to make the new Family
Caregiver Relief Benefit and Critical Injury Benefit, announced on
March 17, 2015 and March 30, 2015, non-taxable to Veterans.
The Budget also reaffirms the Federal Government's
commitment to move forward as required with technical amendments to
improve the certainty of the tax system.
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The CRA provides new housing rebates for individuals who have purchased or built a new house or have substantially renovated a house or made a major addition to a house who plan on living in it personally or letting a relative live there.
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