We are pleased to share commentary on the 2017 federal budget. This commentary does not originate from our office. Our subscription to the commentary allows for us to distribute it to our clients. We hope you find it useful.
Below are some of the budget highlights:
- No change to the personal and corporate tax rates, nor inclusion rate on taxable capital gains.
- Elimination of the public transit credit and home relocation loan deduction.
- Commencing July 1, 2017, ride-sharing services (e.g. UBER, Lyft) will be defined as “taxi businesses” for GST/HST purposes and therefore be required to charge and remit GST/HST.
- Phasing out of the Canada Savings Bond Program.
- As part of a new National Housing Strategy, an investment of more than $11.2 billion in a range of initiatives designed to build, renew and repair Canada’s stock of affordable housing.
- More than $2.2 billion, on a cash basis, to support clean technology research, development, demonstration and adoption as well as to accelerate the growth of clean technology companies.