Debbie Pearl-Weinberg, executive director, Tax & Estate Planning, CIBC Wealth Strategies Group, reports on five boutique tax credits eliminated in the 2017 federal budget.
Debbie Pearl-Weinberg, executive director, Tax & Estate Planning, CIBC Wealth Strategies Group, reports on 2017 federal budget changes to the tax structures on private corporations. Weinberg spoke from the federal budget lockup in Ottawa.
The proposed rules will also apply to segregated funds
The proposed amendments to the Income Tax Act aim to address the decision in a recent court case that may have limited the scope of factors used to determine factual control
The government is proposing a rule targeting so-called “straddle” transactions, as well as allowing mark-to-market elections when derivatives are held on an income account
The proposal would improve the consistency of the tax rules governing registered plans and won’t affect the vast majority of RESP and RDSP holders, the government argues
The budget announced plans for a new national strategy to improve access to information for law enforcement about the people behind corporations and other legal arrangements
The new Venture Capital Catalyst Initiative could also generate as much as $1.5 billion in total new funding, depending on the extent of private sector participation
But while the national debt is expected to rise during the next few years, the debt/GDP ratio is expected to decline slightly during this time
CSBs represents $5 billion of total federal market debt vs more than $50 billion during their height in the 1980s