Federal Budget 2019
On March 19, 2019, the Minister of Finance introduced the Federal Budget for 2019. As of May 29, 2019, Bill C-97, An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2019 and other measures, has passed Second Reading in the House of Commons.
The personal income tax measures proposed in the Federal Budget include:
- introducing the Canada Training Credit;
- enhancing the Home Buyers’ Plan;
- changing in use rules for Multi-Unit Residential Properties;
- permitting additional types of annuities under Registered Plans;
- changing Registered Disability Savings Plan for cessation of eligibility for the Disability Tax Credit;
- revising tax measures for Kinship Care Providers;
- changing rules for donations of Cultural Property;
- updating the Medical Expense Tax Credit;
- restricting contributions to a Specified Multi-Employer Plan for older members;
- limiting Pensionable Service under an Individual Pension Plan;
- fixing Mutual Funds from Allocation to Redeemers Methodology; and
- restricting the carrying on of business in a Tax-Free Savings Account;
- introducing a temporary, non-refundable 15% tax credit for eligible digital news subscriptions;
- limiting the use of the Employee Stock Option tax regime.
The 2019 Budget also:
- introduced the First-Time Home Buyer Incentive;
- increased the earnings exemption for Guaranteed Income Supplement (GIS) or Allowance benefits;
- introduced legislation to proactively enroll Canada Pension Plan contributors aged 70 or older;
- reduced interest rates for Canada Student Loans and Canada Apprentice Loans.