The Federal Government of Canada tabled its 2017 Budget on March 22nd. The Budget was relatively thin compared to the last federal budget and did not contain significant tax changes across any sectors. Specifically, despite the rumours that have persisted since the lead-up to Budget 2016, this year the Federal Government did not change the capital gains inclusion rate from its current rate of 50%.
The Budget contained a few small changes that will affect charities when they come into effect. The proposed changes primarily include new rules added to the existing ecological gifts regime, and the repeal of an additional deduction that corporations were entitled to claim for gifts of medicine used to support charities' activities overseas.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
