Stikeman Elliott's Tax Group has prepared an analysis and commentary on the tax provisions of the 2015 Federal Budget.
HIGHLIGHTS
Business Income Tax Measures
- Introducing legislation to combat synthetic equity arrangements and capital gains strips
- Helping small businesses by reducing the small business tax rate from 11% to 9% by 2019
International Tax
- Withholding exemption for non-resident employers
- Streamlining reporting requirements for foreign assets
- Captive insurance
- Update on tax planning by multinational enterprises
- Update on the Automatic Exchange of Information for tax purposes
Charities
- Creating an exemption from capital gains tax in respect of certain dispositions of private corporation shares and real estate where the proceeds are donated to charity
- Allowing registered charities to invest in limited partnerships
- Allowing gifts to foreign charities
Personal Income Tax
- Doubling the TFSA annual contribution limit to $10,000
- Changing to the minimum withdrawal factors for RRIFs
- Increasing the Lifetime Capital Gains Exemption for qualified farm or fishing property to $1,000,000
- Introducing a new Home Accessibility Tax Credit
- Alternative arguments in support of assessments
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