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Canada Ready To Implement 2014 Budget Measures

by Mike Godfrey,, Washington

26 June 2014

Canada's Finance Minister, Joe Oliver, has welcomed the receipt of Royal Assent for legislation to implement core elements of the 2014 Budget, including a series of tax credit reforms.

The tax measures to be introduced as part of Economic Action Plan Act, No.1, relate mainly to Canada's tax credit system.

For instance, the legislation extends the 15 percent Mineral Exploration Tax Credit for flow-through share investors for an additional year. It also introduces a Search and Rescue Volunteers Tax Credit for those who perform at least 200 hours of service in a year, and increases the maximum Adoption Expense Tax Credit to CAD15,000 (USD13,971).

Professional services provided by acupuncturists and naturopathic doctors will be exempted from the goods and services tax/harmonized sales tax (GST), and the list of eligible expenses under the Medical Expense Tax Credit will be expanded. It will now include costs associated with service animals that are specially trained to assist individuals with severe diabetes, as well as amounts paid for the design of an eligible individualized therapy plan.

Lastly, the Act doubles, to ten years, the carry-forward period for deducting donations of ecologically sensitive land to conservation charities against income tax liability.

Commenting on the Royal Assent, Oliver said: "Our Economic Action Plan is based on an unwavering commitment to strengthen the economy for all Canadians by investing in jobs and growth and returning to budget balance in 2015. The Royal Assent of Economic Action Plan 2014 Act, No.1, is proof that we are steadfast in delivering on this commitment and seeing our Plan through."

"By connecting Canadians with available jobs and fostering job creation, supporting families and communities, and investing in infrastructure, trade and responsible resource development, this legislation is an important achievement in building on our Plan's proven record of success."

TAGS: individuals | Finance | tax | sales tax | tax incentives | revenue guidance | budget | tax credits | ministry of finance | legislation | tax planning | tax rates | Canada | tax breaks | charities | revenue statistics | trade | services | Tax

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