Finance Minister Bill Morneau released the 2019 Federal Budget on Tuesday, March 19th and compared with the last two years, this pre-election budget holds limited tax changes for individuals and businesses. The federal government is projecting a deficit of approximately $15 billion for fiscal year 2019 and $20 billion for the following two years.
Yesterday, Finance Minister Bill Morneau released his highly anticipated 2018 Federal Budget, geared towards equality, and being a more competitive, diverse, and inclusive country. GGFL’s main focus is on how each budget will impact our clients and their businesses. To that end, we have chosen the top five budget highlights that we feel will have the greatest impact on you in 2018.
In its March 2016 Federal Budget, the Liberal government made some key changes to tax legislation that will affect the after-tax proceeds that business owners can retain from the sale of their business assets (as opposed to the sale of shares of their business corporation). These changes come into effect on January 1, 2017. Here, we explore the changes and what they may mean for you.