Apr
10

Budget 2019: Business Income Tax Measures, Part 2

Budget 2019:  Business Income Tax Measures, Part 2
In part 1 of our blog series on Business income tax measures included in Budget 2019, we provided details on the tax measures related to the Government’s support for Canadian journalism, business investment in zero-emission vehicles and small business deductions for farming and fishing businesses. Here are the rest of the Business Income Tax Measures included in Budget 2019: 1. Scientific Research and Experimental Development Program (SR&ED): Budget 2019 proposes to repeal the use of taxable income as a factor in determining a CCPC’s (Canadian-controlled Private Corporation) annual expenditure limit for the purpose of the enhanced SR&ED tax credit. 2. Canadian-Belgian...
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Apr
08

Budget 2019: Business Income Tax Measures, Part 1

Budget 2019:  Business Income Tax Measures, Part 1
Last week, we looked at all the personal income tax measures that were included in Budget 2019. In this blog, we’ll focus on the business income tax measures. Here are the business tax measures included in Budget 2019: 1. Support for Canadian Journalism: Budget 2019 proposes 3 new tax measures in support of Canadian journalism. These tax measures include allowing journalism organizations to register as qualified donees, introduction of a refundable labour tax credit for qualifying journalism organizations and a non-refundable tax credit for subscriptions to Canadian digital news. 2. Business investment in zero-emission vehicles: Budget 2019 proposes to provide a...
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Apr
03

Budget 2019: Personal Income Tax Measures, Part 2

Budget 2019:  Personal Income Tax Measures, Part 2
Here are the rest of the Personal Income Tax Measures included in Budget 2019: 1. Medical Expense Tax Credit: Last year, access to cannabis is subject to the Cannabis Regulations under the Cannabis Act. Eligible expenses for the medical expense tax credit will also include expenses for other classes of cannabis products purchased for a patient for medical purposes. Budget 2019 proposes to amend the Income Tax Acct to reflect the current regulations for accessing cannabis for medical purposes. 2. Contributions to a specified multi-employer plan (SMEP) for older members: Budget 2019 proposes to amend the tax rules to prohibit contributions...
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Apr
01

Budget 2019: Personal Income Tax Measures, Part 1

Budget 2019:  Personal Income Tax Measures, Part 1
This week, we will look at the personal income tax measures proposed in the Budget. 1. Canada Training Credit: A refundable tax credit that will provide financial support to help cover up to half of eligible tuition and fees related with training. Eligible individuals will accumulate $250 each year in a notional account which can be accessed for this purpose. 2. Home Buyers’ Plan: The home buyers’ plan allows first-time home buyers to withdraw up to $25,000 from a registered retirement savings plan (RRSP) to purchase or build a home without having to pay tax on the withdrawal. Amounts withdrawn under...
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