Finance Minister Jim Flaherty delivered Canada's 2014 federal budget earlier today, February 11, 2014. A special edition of TaxNewsFlash-Canada summarizing the announced tax changes is now available.
For highlights of tax measures in the budget, see this edition of TaxNewsFlash-Canada.
Budget measures of particular interest are:
- Kiddie tax on business and rental income of trusts and partnerships
- Loss of graduated tax rates on testamentary trusts
- Elimination of benefits of immigration trusts
- CCA rates for clean energy equipment
- Consultation to overhaul the eligible capital property regime
- Ability of estates to make donations
- Consultation on new NPO changes
- Higher remittance threshold for payroll deductions
- GST changes affecting joint ventures and closely related persons