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FEDERAL BUDGET 2018 - UPDATE ON LEGISLATION

Posted by David Gobeil on

Bill C-74, An Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures received Royal Assent on June 21, 2018. 

Candidates for the CFP Examinations are responsible for legislation that has received Royal Assent 30 days before the examinations.

The following income tax measures are of relevance for the CFP Examinations:

  1. lowering the small business tax rate and making consequential adjustments to the dividend gross-up factor and dividend tax credit;
  2. reducing the business limit for the small business deduction based on passive income;
  3. restricting access to dividend refunds on the payment of eligible dividends;
  4. preventing the avoidance of tax through income sprinkling arrangements;
  5. introducing the Canada Workers Benefit;
  6. 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;
  7. indexing the Canada Child Benefit as of July 2018;
  8. extending, for one year, the mineral exploration tax credit for flow-through share investors; and
  9. extending, by five years, the ability of a qualifying family member to be the plan holder of an individual’s Registered Disability Savings Plan.

You can find the Legislation  at http://www.parl.ca/LegisInfo/BillDetails.aspx?Language=E&billId=9727472

 


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