The Federal Government of Canada tabled its 2017 Budget on March 22. The Budget was relatively thin compared to the last federal budget and did not contain significant tax changes across any sectors. Specifically, despite the rumours that have persisted since the lead-up to Budget 2016, this year the Federal Government did not change the capital gains inclusion rate from its current rate of 50%.
The Budget contained a few small changes that will affect charities when they come into effect. The proposed changes primarily include new rules added to the existing ecological gifts regime, and the repeal of an additional deduction that corporations were entitled to claim for gifts of medicine used to support charities’ activities overseas.
Those who are interested in reading about other sections of the Budget may wish to consult Miller Thomson’s general Budget Release.
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