Federal Budget Review

Panoramic image of Parliament Hill, Ottawa

April 21, 2015

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Previously Announced Measures

The Budget confirms the Federal Government’s intention to proceed with the following previously announced tax and related measures, as modified to take into account consultations and deliberations since their announcement or release: Legislative proposals released on July 12, 2013, providing...

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International Tax Measures

IN THIS SECTION: Income Tax Withholding Requirements for Non-Resident Employers Streamlining Reporting Requirements for Foreign Assets (Form T1135) Captive Insurance Update on Tax Planning by Multinational Enterprises Update on the Automatic Exchange of Information for Tax Purposes Income Tax Withholding...

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Business Income Tax Measures

Small Business Tax Rate Currently, as a result of the small business deduction, the first $500,000 per year of qualifying active business income of a Canadian-controlled private corporation (“CCPC”) is subject to a federal income tax rate of 11%. Consistent...

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Personal Income Tax Measures

Tax-Free Savings Account In an effort to encourage Canadians to save, the Federal Government introduced the Tax-Free Savings Account (“TFSA”) in 2009. The TFSA is a registered, general-purpose account that allows Canadians to earn tax-free investment income. TFSAs have become...

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Other Measures

IN THIS SECTION: Charities and Not-for-Profit Measures Aboriginal Tax Policy Charities and Not-for-Profit Measures The Budget includes a number of welcome proposals for donors and charities. Capital Gains Exemption Extended to Gifts of Private Shares and Real Estate Over the...

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Introduction

Minister of Finance Joe Oliver today tabled the 2015 Federal Budget (the “Budget”), his first budget as Minister of Finance, entitled “Strong Leadership: A Balanced-Budget, Low-Tax Plan for Jobs, Growth and Security”. We are pleased to provide our summary of...

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