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ARTICLE · 22 MARCH 2013

Federal Budget 2013: How WilI It Impact Your Business?

Gowling WLG
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On February 6, 2013 the Honourable Jim Flaherty celebrated his seventh anniversary as Canada’s Minister of Finance, and on Thursday March 21, 2013 he delivered his eighth federal budget.

CanadaTax
Sharon Bennet
Sharon Bennet
Esther Bergh
Esther Bergh
Michael Bussmann
Michael Bussmann
Gloria Geddes
Gloria Geddes
Laura Gheorghiu
Laura Gheorghiu
Ash Gupta
Ash Gupta
Jennifer Hanna
Jennifer Hanna
Carl Hinzmann
Carl Hinzmann
A. Brent Kerr
A. Brent Kerr
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On February 6, 2013 the Honourable Jim Flaherty celebrated his seventh anniversary as Canada's Minister of Finance, and on Thursday March 21, 2013 he delivered his eighth federal budget. Budget 2013 contained an assortment of tax proposals, including the usual tax "goodies," but if there is one theme to the proposals, it is probably what the Minister and the officials of the Department of Finance (Department) would call "integrity measures." This would include what might be described in the vernacular as "loophole closing," as well as new or extended reporting requirements and new or extended penalty provisions. There is even a new "bounty" for those who report "major international non-compliance" to the Canada Revenue Agency (CRA) that leads to the collection of outstanding taxes due.

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