2014 Federal Budget (Part 1)

Introduction

Minister of Finance Jim Flaherty today tabled the 2014 Federal Budget (the "Budget") entitled The Road to Balance: Creating Jobs and Opportunities.We are pleased to provide our summary of proposed tax measures contained in the Budget.

There were no changes proposed to corporate income tax rates or to personal income tax rates. There were certain favourable changes to tax credits available to individuals.

The Federal Government continued its focus on integrity and tax fairness measures, sometimes described by the Federal Government as closing tax loopholes, albeit to a lesser extent than in past years. Some of the proposed measures appear to be based on changed policy rationale rather than addressing technical deficiencies in the Income Tax Act(Canada) (the "Tax Act"). The revenues that are projected to be raised through integrity measures contained in the Budget total $1.765 billion over the next five years compared with 5-year revenue projections