Tuesday marked the release of the new Liberal government's
first budget. The budget, entitled "Growing the Middle Class", did not
contain the anticipated changes to the tax treatment of employee
discussed last week on Deal Law Wire. The proposed changes were
first announced in the Liberal party's election platform and
would have capped claims for employee stock option deductions by
high earners. Federal Finance Minister Bill Morneau indicated
yesterday that the proposed changes to employee stock options are
no longer in the federal government's plans. This is good news
for Canadian start-ups that voiced concerns that the changes would
have hindered future innovation and drained top talent from
Norton Rose Fulbright Canada LLP's full coverage of the tax
measures introduced in the budget can be found
The author would like to thank Sam Zadeh, articling student,
for his assistance in preparing this legal update.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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