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.
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