Remaining Tax Measures from Budget 2017 Receive Royal Assent

by in Canadian Government News and Updates
Remaining Tax Measures from Budget 2017 Receive Royal Assent

On December 14th, 2017, the Department of Finance announced that the remaining tax measures from Budget 2017, Bill C-63, received Royal Assent.

These are some of the income tax measures included in Bill C-63.

• Closing loopholes surrounding the capital gains exemption on the sale of a principal residence;
• Providing additional authority for certain tax purposes to nurse practitioners;
• Ensuring that qualifying farmers and fishers selling to agricultural and fisheries cooperatives are eligible for the small business deduction;
• Eliminating the use of billed-basis accounting by designated professionals;
• Eliminating the ability for small oil and gas companies to reclassify up to $1 million of “Canadian development expenses” as “Canadian exploration expenses”

Bill C-63 also includes measures that discontinue unpaid internships in federally regulated sectors that are not part of an educational program and allows federally regulated workers to ask for adaptable work arrangements from their employers.

Source: http://www.fin.gc.ca/n17/17-125-eng.asp

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