So the CRA has reviewed your tax return, do you know what happens after? Read our blog today to know all about what… https://t.co/Tc5VRhDPS4
Federal Budget 2017: Personal Income Tax Measures, Part 2in Canadian Government News and Updates
· Electronic Distribution of T4 Information Slips: Information returns can be sent electronically only if the relevant taxpayer has given express consent in advance.
· Tuition Tax Credit: This credit is a 15% non-refundable tax credit of eligible fees for tuition and licensing examinations paid by an individual enrolled at an eligible educational institution.
· National Child Benefit Supplement: Budget 2017 proposes to delay the repeal of the National Child Benefit Supplement reference in the Canada Child Benefit rules in the Income Tax Act until July 1, 2018 instead of the original date of July 1, 2017.
· Ecological Gifts Program: Under this program, certain donations of ecologically sensitive land or easements, covenants and servitudes on such land are eligible for special tax assistance.
· Public Transit Tax Credit: Budget 2017 proposes that this tax credit be eliminated effective July 1, 2017.
· Allowances for Members of Legislative Assemblies and Certain Municipal Officers: Budget 2017 proposes to require non-accountable allowances paid to these officials be included in income.
· Home Relocation Loans Deduction: Budget 2017 proposes to eliminate the deduction in respect of eligible home relocation loans.
· Anti-Avoidance Rules for Registered Plans: Budget 2017 proposes to extend the anti-avoidance rules to RESPs and RDSPs. The proposals are not expected to have an impact on the vast majority of RESP and RDSP holders, who typically invest in ordinary portfolio investments.
Next week, we’ll take a look at the Business Income Tax Measures included in the Federal Budget 2017.
- Federal Budget 2017: Personal Income Tax Measures...
- Federal Budget 2017: Business Income Tax Measures...