2015 Federal Budget Highlights
November 27, 2015
Changes for Farmers – Capital Gains Exemption Increased
Effective April 21, 2015, Capital Gains Exemption increased to $1,000,000 for “qualifying farm property” – a great opportunity for farmers to tax plan. Call us to see if your shares or farmland qualifies – if you last planned before 2007 there is $500,000 more available and you need to plan again.
Changes for Farms and Small Businesses – Decrease in Corporate Tax Rate
Starting January 1, 2016 the federal small business tax rate will decrease 0.5% each year. Today it is 11%, by 2019 it will be 9%.
Changes for Families
Effective in 2015, required withdrawal amount for RRIFs were lowered. Sometimes it makes sense to take out more than the minimum. See us for strategies. Contribution limit for Tax Free Savings Accounts increased to $10,000 from $5,500 immediately. New Home Accessibility Tax Credit:
- Home renovations that make a residence more accessible to seniors or those who qualify for the Disability Tax Credit
- Tax credit is 15% of expenditures up to $10,000 per year
- Applicable to work performed or goods acquired after January 1, 2016Compassionate Care – Effective January 1, 2016, EI benefits are extended from 6 weeks to 6 months. Brown & Associates Law Office specializes in Farm, Cottage and Small Business tax and succession planning. We can help you to save tax.
Brown & Associates Law Office
Phone: (204) 745-2028