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Update on 2017 Federal Budget

April 28, 2017

Courtesy of Brown & Associates Law Office

  • Budget was expected to increase the Capital Gains Inclusion rate – this was deferred until at least fall – commentary suggests this was due to Donald Trump’s election and pledge to reduce taxes in United States.  The status quo of 50% of capital gains inclusion remains.  Now is the time to plan.
  • Professionals no longer able to defer their work in progress (WIP) – pay tax before you collect.  Currently, WIP can be excluded from the calculation of taxable income.  For taxation years that begin on or after March 22, 2017, affected professionals will not be able to use this accounting method, and will have to include WIP in their taxable income.
  • No change to Tax rates for personal or corporate.
  • Increase in money for education innovation and child care.
  • Government announced a consultation study on whether farmers should continue to be allowed to defer grain sales to the next taxation year – government suggests “no clear rationale to continue deferral option”.  Your views on this are required by May 24th, 2017 – send your comments to: consultation_tax_2017@canada.ca.

Rationale was to balance good years and bad.  The right to defer replaced the 3-5 year income averaging.  The Government needs to hear from farmers.