Budget Measures Get the Green Light: Bill C-15 Receives Royal Assent

On March 26th, Bill C-15 received Royal Assent. A synopsis of some of the most significant elements of the Bill appear here; provisions that advisors and clients should be discussing when preparing tax returns before the end of April.  This includes the fact that the GST/HST Credit has now been replaced – but your clients may not know this.  There are new Capital Cost Allowance Provisions for rental property owners, provisions for the disabled and the Personal Support Workers Tax Credit is now law.

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The stellar performances of our young Canadians at the Sochi Olympics seem to have inspired the Federal Finance Minister as he released his 10th budget today.

Revenues are expected to increase by 2.9 per cent in 2013–14 and then by an annual growth rate of 4.7 per cent over the forecast period ending in 2019. Some highlights appear below; followed by detailed tables from the Budget.

Several interesting provisions were tabled in this budget, most notably a change to the way taxpayers apply for the Goods and Services Tax Credit.

Announcements were made related to farming and fishing businesses, CCA for clean energy generation, and a proposal for changes to the rules on Eligible Capital Property.

GST and HST changes were announced related to exemption of certain health care services, nil consideration elections for closely related persons, and registration compliance.