Federal Budget Review

Panoramic image of Parliament Hill, Ottawa

March 29, 2012

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Introduction

2012 Federal Budget Minister of Finance Jim Flaherty today tabled the 2012 Federal Budget (the “Budget”) entitled “Jobs, Growth and Long-Term Prosperity.” We are pleased to provide our summary of tax measures contained in the Budget. There were no changes...

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Business Income Tax Measures

IN THIS SECTION: Scientific Research and Experimental Development Program Tax Avoidance Through Use of Partnerships Partnership Waivers Clean Energy Generation Equipment – Accelerated Capital Cost Allowance Corporate Mineral Exploration and Development Tax Credit Atlantic Investment Tax Credit Scientific Research and...

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International Taxation

IN THIS SECTION: Thin Capitalization Rules Foreign Affiliate Dumping Transfer Pricing Secondary Adjustments Base Erosion Rules – Canadian Banks Overseas Employment Tax Credit Thin Capitalization Rules Current Thin Cap Rules The thin capitalization rules (the “Thin Cap Rules”) contained in...

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Personal Tax Measures

IN THIS SECTION: Registered Disability Savings Plans Retirement Compensation Arrangements Employees Profit Sharing Plans Group Sickness or Accident Insurance Plans Life Insurance Policy Exemption Test Eligible Dividends – Split-Dividend Designation and Late Designation Mineral Exploration Tax Credit for Flow-Through Share...

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GST/HST and Excise Tax Measures

IN THIS SECTION: GST/HST Health Care Exemptions and Zero-Rating Expanded Doubling GST/HST Streamlined Accounting Thresholds GST and Excise Tax Relief for Foreign-Based Rental Vehicles Temporarily Imported by Canadian Residents Application of the “Gas-Guzzler” Excise Tax or “Green Levy” on Fuel-Inefficient...

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Other Tax Measures

IN THIS SECTION: Gifts to Foreign Charitable Organizations Charities – Enhancing Transparency and Accountability Tax Shelter Administrative Changes Aboriginal Tax Policy Gifts to Foreign Charitable Organizations For more comments on Charitable Sector Measures, please visit Charities and Not-for-Profit Newsletter March...

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Customs Tariff Measures

IN THIS SECTION: Trade Measures to Support the Energy Industry Travellers’ Exemptions Trade Measures to Support the Energy Industry As the Government has committed to make Canada a duty-free zone for industrial manufacturers, the Budget will eliminate a 5% Most-Favoured-Nation...

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Trade Remedy Law Measures

In Budget 2011, the Government proposed that it would study initiatives regarding the operation of Canada’s trade remedy law system under the Special Import Measures Act. The Budget provides vague references to introducing legislation to consolidate Canada’s trade remedy investigation...

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Previously Announced Measures

The Budget confirms certain tax measures previously announced by the Government.  Where appropriate, the measures have been modified to take into account consultations and deliberations since their release.  Previously announced measures relating to income tax include the following: legislative proposals...

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