Federal Budget Highlights 2017

Federal Budget Highlights 2017

Yesterday, the Liberal government released its 2017 Federal Budget.  GGFL has selected the following changes in the budget that will impact taxpayers.

Five 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 will be required to charge and remit GST/HST.
  • Simplify the existing system of tax measures for caregivers by replacing the existing caregiver credit, infirm dependant credit, and family caregiver tax credit with a new Canada caregiver credit.
  • Extend the eligibility criteria for the tuition tax credit to fees for an individual’s tuition paid to a university, college, or other post-secondary institution in Canada for occupational skills courses that are not at the post-secondary level.

For a complete breakdown of the Federal Budget, please click here.

Contact GGFL at info@ggfl.ca, if you have any questions.