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Federal Budget 2018

Posted by David Gobeil on

In the letter to candidates confirming their registration for the exam, The FPSC advises candidates that they are responsible for legislation that has received Royal Assent at least one month before the exam.

It is unlikely that Budget 2018 will be passed into law before the cut-off date for the May/June CFP exams, but it should be passed before the November 2018 exams. The CSI does not appear to have any policy on such developments.

On February 27, 2018, the Minister of Finance introduced the Federal Budget for 2018. On March 27, 2018, Bill C-74, An Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures, was tabled in the House of Commons.

Bill C-74 implements certain income tax measures proposed in the February 27, 2018 budget by:

  • introducing the Canada Workers Benefit;
  • expanding the medical expense tax credit to recognize expenses incurred in respect of an animal specially trained to perform tasks for a patient with a severe mental impairment;
  • indexing the Canada Child Benefit as of July 2018;
  • extending, for one year, the mineral exploration tax credit for flow-through share investors;
  • extending, by five years, the ability of a qualifying family member to be the plan holder of an individual’s Registered Disability Savings Plan;
  • allowing transfers of property from charities to municipalities to be considered as qualifying expenditures for the purposes of reducing revocation tax;
  • ensuring that appropriate taxpayers are eligible for the Canada Child Benefit and that information related to the Canada Child Benefit can be shared with provinces and territories for certain purposes; and
  • lowering the small business tax rate and making consequential adjustments to the dividend gross-up factor and dividend tax credit;
  • reducing the business limit for the small business deduction based on passive income and restricting access to dividend refunds on the payment of eligible dividends; and
  • preventing the avoidance of tax through income sprinkling arrangements.

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