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Budget 2017 - Post #13 - FPSC Level 1 Examination - December 2017

Posted by John Gobeil on

In this Post, we will consider Bill C-44, An Act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures.

Budget 2017

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

On June 22, 2017, Bill C-44, An Act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures, received Royal assent. So, you are responsible for the proposals in the Federal Budget of March 22, 2017. However, the changes were pretty minor and unlikely to appear on the exam.

You can find the Legislation at

Legislated Changes

The Government of Canada will discontinue the sales of new Canada Savings Bonds in 2017. All outstanding retail debt will continue to be honoured.

Nurse practitioners have been added to the list of medical practitioners that could certify eligibility for the disability tax credit. A nurse practitioner would be permitted to certify for all types of impairments that are within the scope of their practice.

Individuals who require medical intervention in order to conceive a child are eligible to claim the same expenses that would generally be eligible for individuals on account of medical infertility.

The Canada Caregiver Credit Budget replaces the existing caregiver credit, infirm dependant credit and family caregiver tax credit.

Eligibility for the mineral exploration tax credit has been entended for an additional year, to flow-through share agreements entered into on or before March 31, 2018.

The range of courses eligible for the tuition tax credit includes occupational skills courses that are undertaken at a post-secondary institution in Canada, and to allow the full amount of bursaries received for such courses to qualify for the scholarship exemption, where conditions are otherwise met.

The repeal of the National Child Benefit supplement reference in the Canada Child Benefit rules has been delayed until July 1, 2018.

A number of measures in order to better protect gifts of ecologically sensitive land have been implemented.

The public transit tax credit has been eliminated, effective as of July 1, 2017.

The deduction in respect of deemed interest on eligible home relocation loans has been eliminated. Eligible home relocation loans are loans used to acquire a new residence where the employee starts work at a new location.

The anti-avoidance rules for registered plans have been extended to RESPs and RDSPs.

Taxpayers in certain designated professions can no longer elect to use billed-basis accounting, which previously allowed them to exclude the value of work in progress in computing their income.

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John Gobeil, BSc, CFP®
David Gobeil, CPA, CA, CFP®

Certified Financial Planner® and CFP® are certification marks owned outside the U.S. by the Financial Planning Standards Board Ltd. The Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.

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