February 21, 2019 by John F. Oakey
The Department of Finance’s stance on the conversion of dividends into capital gains is well-known. On July 18, 2017, it released “Tax Planning Using Private Corporations..."
February 27, 2018 by John F. Oakey
OTTAWA, ON – After months of public consultation, speculation and concern, the rules regarding Passive Investment Income have finally been unveiled. In today’s 2018 Federal Budget release the government announced that passive investment income over a certain limit will now reduce a Canadian-controlled private corporation’s (CCPC) small business deduction.
The Honourable Bill Morneau, Minister of Finance, today tabled his third budget – “Equality + Growth: A Strong Middle Class” – which supports the Government’s people centered approach.
The highly anticipated budget released draft legislation related to passive income – the topic that has been on the minds of business owners, investors, and advisors since the July 18, 2017 Finance release which first introduced the subject. The budget does not propose changes to tax rates at the business or personal level. The budget focused on five key spending areas – growth, progress, reconciliation, advancement and equality.
From changes to passive investment income (that weren’t quite what was expected) to an absence of response to U.S. tax reform, here are some highlights from Budget 2018.
Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017.
The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.
March 23, 2017 by Maria Severino
Another federal budget has come and gone. If you blinked you might’ve missed it! Compared to last year’s changes to the small business deduction eligibility, among others, there weren’t many significant changes from a tax perspective in Budget 2017.
No news is good news, as far as tax rates go, in the just-released Federal Budget. Other tax deductions and credits weren’t so lucky. Get the scoop on all the major Budget 2017 tax changes! View infographic.
The Honourable Bill Morneau, Minister of Finance, today tabled his second budget – “Building a Strong Middle Class” with a projected deficit of $28.5 billion.
March 9, 2017 by Maria Severino
The Minister of Finance, Bill Morneau, announced that the government’s federal budget will be tabled on March 22, 2017. Last year’s Canadian federal budget came in with a whopping $29.4-billion deficit and notable tax changes in the area of the small business deduction eligibility, among others. There were a number of items promised by the Liberal government during its campaign that were not announced in last year’s budget. Will the Liberal government hold true on those promises in the 2017 budget? How will those potential tax changes impact business owners and individuals? Some areas to watch are outlined below.
This series of infographics highlights some of the most important points from the 2016 Federal Budget. Get all the latest updates on income splitting, small business deductions, the Canada child benefit and much more.
On February 25, 2016 Finance Minister Charles Sousa tabled his fourth Budget. The deficit for the 2015-16 fiscal year is projected to be $5.7 billion, which is $2.8 billion less than forecasted in the 2015 Budget. The deficit is projected to drop to $4.3 billion for 2016-17 and to be eliminated by 2017-18. Furthermore, the government is also projecting a balanced budget in 2018-19.
On April 23, 2015 Finance Minister Charles Sousa tabled his third Budget.
The deficit for the 2015-16 fiscal year is projected to be $8.5 billion, which is less than had been forecasted in the 2014 Budget. The deficit is projected to drop to $4.8 billion for 2016-17 and to be eliminated by 2017-18. Unlike the 2014 Budget, the 2015 Budget does not comment on achieving a surplus.
Our financial experts have combed through the new federal budget, so you don’t have to. From in-depth analysis to fact-filled infographics, this is your definitive guide to the policies that will impact you.
The deficit for the 2013-14 fiscal year is projected to be $11.3 billion, which is $400 million less than the amount estimated when the 2013 Budget was tabled. The deficit for the 2014-15 year is projected to be $12.5 billion and the longer-term forecast continues to call for a return to a surplus by 2016-17. Net public debt to GDP is projected to continue to increase until 2015-16, from which time it will to start to decrease.
The Honourable Jim Flaherty, Minister of Finance, today tabled Canada’s Economic Action Plan 2014, a budget which confirms that the Government is on track to return to balanced budgets in 2015, with new measures that will create jobs and opportunities in an uncertain global economy and no new taxes on Canadian families or businesses.
Finance Minister Charles Sousa delivered Ontario’s 2013 Budget, his first as Finance Minister, on May 2, 2013. The Budget is projecting a deficit of $9.8 billion for 2012-13, $5 billion lower than projected a year ago, and increasing to $11.7 billion for 2013-14. The 2010 Budget put forward a plan to cut the deficit in half within five years and to eliminate it in eight years.
On Tuesday, April 16, 2013, the Manitoba Minister of Finance, Stan Struthers, presented the province’s 2013 Budget. The following is a summary of the Sales Tax highlights from the 2013 Manitoba Budget.
The Honourable Jim Flaherty, Minister of Finance, today tabled Canada’s Economic Action Plan 2013, a budget focused on balancing the budget during this Parliament. This budget introduces skills training initiatives, a federal infrastructure plan and new investments to support manufacturing and innovation in Canada.
Sales & Excise Tax Measures
International Tax Changes