Federal Budget Review

Panoramic image of Parliament Hill, Ottawa

March 22, 2016

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Introduction

On March 22, 2016, Minister of Finance Bill Morneau tabled the highly anticipated 2016 Federal Budget (the “Budget”), the Liberal Government’s first budget, entitled “Growing the Middle Class”. We are pleased to provide our summary of tax measures contained in...

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Business Income Tax Measures

IN THIS SECTION: Expanding Tax Support for Clean Energy Emissions Trading Regimes Small Business Taxation Life Insurance Policies Debt Parking to Avoid Foreign Exchange Gains Valuation for Derivatives Eligible Capital Property Expanding Tax Support for Clean Energy Currently, the Tax...

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International Tax Measures

IN THIS SECTION: Base Erosion and Profit Shifting Cross-Border Surplus Stripping Extension of the Back-to-Back Rules Back-to-Back Shareholder Loan Rules Base Erosion and Profit Shifting Base erosion and profit shifting (“BEPS”) is the term used to refer to tax planning...

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Personal Income Tax Measures

IN THIS SECTION: Canada Child Care Benefit Income Splitting Credit Northern Residents Deductions Labour-Sponsored Venture Corporations Tax Credit Teacher and Early Childhood Educator School Supply Tax Credit Ontario Electricity Support Program Mineral Exploration Tax Credit for Flow-Through Share Investors Education...

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Sales and Excise Tax Measures

IN THIS SECTION: Health Measures Exported Call Centre Services Reporting of Grandparented Housing Sales GST/HST on Donations to Charities De Minimis Financial Institutions Application of GST/HST to Cross-Border Reinsurance Closely Related Test Restricting the Relief of Excise Tax on Diesel...

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Other Measures

IN THIS SECTION: Charities and Not-for-Profit Measures Aboriginal Tax Policy Charities and Not-for-Profit Measures In addition to clarifying some pertinent tax rules relating to charities, the Budget includes some disappointing announcements. Previous Budget Measures (a)   Capital Gains Exemption for Donations...

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Previously Announced Measures

The Budget confirms the Federal Government’s intention to proceed with certain tax and related measures that were announced in the current session of Parliament but have not yet been legislated, specifically: the common reporting standard established by the Organisation for...

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