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Here are the other Personal income tax measures proposed in the Federal Budget 2017, which was recently tabled by Finance Minister Bill Morneau: ·         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...
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Here are the Personal Income Tax Measures proposed in the Federal Budget 2017, recently presented by Finance Minister Bill Morneau: ·         Disability Tax Credit – Nurse Practitioners:  The disability tax credit is a 15% non-refundable tax credit that recognizes the impact of non-itemizable disability-related costs on an individual’s ability to pay tax.  For 2017, the credit amount is $8,113, which provides a federal tax reduction of up to $1,217. ·         Medical Expense Tax Credit – Eligible Expenditures:  The medical expense tax credit is a 15% non-refundable tax credit that recognizes the effect of above-average medical or disability-related expenses on an individual’s...
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Here are some more highlights of the Federal Budget 2017, recently tabled by Finance Minister Bill Morneau: - Budget 2017 proposes to make available up to an additional $400 million through the Business Development Bank of Canada on a cash basis over three years for a new Venture Capital Catalyst Initiative that will increase late-stage venture capital available to Canadian entrepreneurs. - In Budget 2017, the Government will invest $7 billion to support and create more high-quality, affordable child care spaces across the country. - In Budget 2017, the Government will invest more than $11.2 billion in a range of initiatives...
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The Finance Minister Bill Morneau recently released this year’s federal budget, the second federal budget under the Liberal government.  In a nutshell, the Federal Budget 2017 focuses on investments in infrastructure and innovation while avoiding major tax changes. The Finance Minister announced that the final budgetary balance for the 2016-2017 year is a deficit of $23 billion, slightly higher than what was announced last year. The 2017-2018 deficit is expected to be $28.5 billion including an adjustment for risk of $3 billion.  Projections for the following years are as follows: 2018-2019 will have a deficit of $27.4 billion, 2019-2020 with a...
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