Here are the Sales and Excise Tax Measures included in Budget 2018. GST/HST and Investment Limited Partnerships: Budget 2018 proposes measures so that the GST/HST applies to management and administrative services rendered by the general partner on or after September 8, 2017, and not to management and administrative services rendered by the general partner before September 8, 2017 unless the general partner charged GST/HST in respect of such services before that date. Budget 2018 also proposes that the GST/HST be generally payable on the fair market value of management and administrative services in the period in which these services are rendered....
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Enhancement of the Canada Workers Benefit: The Working Income Tax Benefit is a refundable tax credit that supplements the earnings of low-income workers. Last year, the Government announced that they intend to enhance the benefits provided by the Working Income Tax Benefit by an additional %500 million starting in 2019. Budget 2018 proposes to rename the program to the Canada Workers Benefit. Also, Budget 2018 proposes that for 2019, the amount of the benefit be equal to 26% of each dollar of earned income in excess of $3,000 to a maximum benefit of $1,355 for single individuals without dependents and $2,335...
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As mentioned in Part 1, Budget 2018 proposes to require certain trusts to provide additional information on an annual basis and this includes an obligation to file a T3 return annually. If the new reporting requirement applies to a trust, the trust will also be required to report the identity of all trustees, beneficiaries and settlors of the trust as well as the identity of each person who has the ability to exert control over trustee decisions regarding the appointment of income or capital of the trust. Budget 2018 has committed a funding of $79 million over a five year period...
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In Budget 2018, the Government acknowledged that some taxpayers have used trusts in complex arrangements to prevent the appropriate authorities from acquiring sufficient information to determine the taxpayer’s tax liabilities. Generally, a trust that does not earn any income or make distributions in a year is not required to file an annual return of income (T3). A trust is required to file a T3 return when the trust has tax payable or if it distributes all or part of its income or capital to its beneficiaries. In addition to this, even if the trust annually files a return, there is no...
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