Finance Minister Jim Flaherty has tabled a notice of ways and means motion to implement tax measures in the 2010 federal budget.

The notice, tabled Monday in the House of Commons, also includes provisions referenced in the 2010 budget to implement tax measures that were previously announced.

“In our March 4th budget, we promised to close unfair tax loopholes, to make our tax system fairer for Canadian families, and to stay the course on reducing taxes for Canadian businesses to stimulate economic growth and job creation,” said Minister Flaherty.

“Today, we are taking the next step to strengthen our tax system and ensure greater tax fairness for all Canadians.”

Among other things, the notice of includes tax measures that:

• create greater tax fairness between single- and two-parent families with respect to claiming Universal Child Care Benefit amounts;

• extend the Mineral Exploration Tax Credit for one year;

• eliminate the need for tax reporting under section 116 of the Income Tax Act for many investments by narrowing the definition of taxable Canadian property; and

• exclude purely cosmetic procedures from the Medical Expense Tax Credit.

The notice also contains measures that implement important changes to strengthen federally regulated private pension plans.

IE