Trade Wars: Why Income Tax Filings Matter More Now
It’s hard not to get caught up in the trade wars saga, and of course it has serious economic repercussions. In times like these, our tax system can help. The federal government has indicated three pillars of support will be enacted, details of which are to come shortly:Saskatchewan Provincial Budget
The 2014 Saskatchewan provincial budget was delivered on March 6. The budget was the seventh consecutive balanced budget in the province.
Manitoba Provincial Budget
The Manitoba provincial budget was tabled on March 6. Two new tax initiatives were announced.
British Columbia Provincial Budget
The premier of British Columbia tabled the 2014 provincial budget on February 18. The budget contained a number of tax-related changes, not all of which were directly related to income tax.
Taxation of Small Business Dividends in 2014
The 2013 Federal Budget announced that, beginning in 2014, the gross-up of small business dividends will be reduced from 25% to 18% and that the federal dividend tax credit will be adjusted as well. The net result is a slight increase in the taxation of other than eligible dividends at the federal level.
Scholarships, Bursaries and Fellowships May Not Be Taxable
Great news! Students who win awards to go to school now qualify for full tax exemptions, if they qualify for the full-time education amount.
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