2019 Federal Budget Summary

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Versatile Accounting has obtained a 15 page PDF document from The CPA which highlights all the main points of the 2019 federal budget. This PDF document goes through the following.

INTRODUCTION

PERSONAL INCOME TAX MEASURES

Canada Training Benefit

  • Canada Training Credit
    • Eligible Tuition and Other Fees
  • EI Training Support Benefit

Making Canada Student Loans More Affordable

  • Lower Interest Rates
  • New Interest-Free Grace Period

Improving the Economic Security of Low-Income Seniors

Introducing the First-Time Home Buyer Incentive

Modernizing the Home Buyers’ Plan

  • Withdrawal Limit
  • Breakdown of a Marriage or Common-Law Partnership

Change in Use Rules for Multi-Unit Residential Properties

Permitting Additional Types of Annuities under Registered Plans

  • Advanced Life Deferred Annuities
    • Qualifying plans
    • Limits
    • Tax treatment on death
  • Variable Payment Life Annuities
    • Annuities fund
    • Tax treatment on death

Employee Stock Options

Electronic Delivery of Requirements for Information

Tax Measures for Kinship Care Providers

  • Canada Workers Benefit
  • Tax Treatment of Financial Assistance Payments

Improvements to the Registered Disability Savings Plan

Donations of Cultural Property

Medical Expense Tax Credit

Contributions to a Specified Multi-Employer Plan for Older Members

Pensionable Service under an Individual Pension Plan

Mutual Funds: Allocation to Redeemers Methodology

  • Deferral
  • Character Conversion

Carrying on Business in a Tax-Free Savings Account

Making Zero-Emission Vehicles More Affordable

Personal Income Tax Credit for Digital Subscriptions

BUSINESS INCOME TAX MEASURES

Support for Canadian Journalism

  • Qualified Canadian Journalism Organizations
  • Qualified Donee Status
  • Refundable Labour Tax Credit

Business Investment in Zero-Emission Vehicles

  • Application and Phase-Out

Inter generational Business Transfers

Small Business Deduction – Farming and Fishing

Scientific Research and Experimental Development Program

Canadian-Belgian Co-productions – Canadian Film or Video Production Tax Credit

Character Conversion Transactions

Canada Training Credit

INTERNATIONAL TAXATION

Transfer Pricing Measures

  • Order of Application of the Transfer Pricing Rules
  • Applicable Reassessment Period

Foreign Affiliate Dumping

Cross-Border Share Lending Arrangements

  • Canadian Shares
  • Foreign Shares

SALES AND EXCISE TAX MEASURES

GST/HST Health Measures

  • Human Ova and In vitro Embryos
  • Foot Care Devices Supplied on the Order of a Podiatrist or Chiropodist
  • Multidisciplinary Health Care Services

Cannabis Taxation

  • New Classes of Cannabis Products

NOTICE TO USERS

The reproduction of the contents of this Federal budget summary is authorized without restriction.

As a Calgary accounting firm, we want to bring awareness and knowledge to our clients. So, go ahead and download this document to read at your leisure.

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