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GOVERNMENT OF CANADA
GOVERNMENT OF QUEBEC
OTHER
LINKS
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- Extracts from the
Budget in Brief
and of the
Budget Plan by the Minister of Finance of Canada:
- tax relief by
extending the temporary accelerated capital cost
allowance for new investment in machinery and
equipment in the manufacturing and processing sector
for an additional two years
- increases support for small business owners,
farmers and fishermen by raising the Lifetime
Capital Gains Exemption to $800,000 and indexing the
new limit to inflation
- further extending the
application of Canada’s thin capitalization
rules—which limit the amount of Canadian profits
that can be distributed to certain non-resident
shareholders as deductible interest
payments—to Canadian resident trusts and
non-resident entities
- extending the normal
reassessment period by three years for taxpayers who
have failed to report income from a specified
foreign property on their annual income tax return
and failed to properly file the Foreign Income
Verification Statement (Form T1135)
- requiring certain financial
intermediaries, including banks, to report to the CRA their clients’ international electronic funds
transfers of $10,000 or more
- new Stop International Tax Evasion
Program through which it will be able to pay rewards
to individuals with knowledge of major international
tax non-compliance. The reward will be a percentage
of tax collected as a result of information provided
- adjust the
gross-up factor applicable to non-eligible dividends
from 25 per cent to 18 per cent and the
corresponding DTC from 2/3 of the gross-up amount to
13/18. Expressed as a percentage of the grossed-up
amount of a non-eligible dividend, the effective
rate of the DTC in respect of such a dividend will
be 11 per cent
- new penalty of
$1,000 be imposed in respect of each SR&ED program
claim for which the information about SR&ED program
tax preparers and billing arrangements is missing,
incomplete or inaccurate. In the case where a
third-party SR&ED program tax preparer has been
engaged, the SR&ED program claimant and tax preparer
will be jointly and severally, or solidarily, liable
for the penalty
- Archives: 2013,
2012,
2011,
2010,
2009,
2008,
2007,
2006,
2005
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