The 2018 Federal Budget was highly anticipated (or perhaps,
dreaded, in light of the flurry of announcements in 2017). Most of
the drama surrounding the Budget release centered on one item: the
passive income rules for private corporations as previously
announced (and amended). Of course, tax practitioners were also
arming themselves for other big hits that might come their way. For
me, I armed myself with my traditional Budget Day cupcakes that I
bring to the office – I figure that if they're going to
hit us with something bad, then at least our tax department can
console itself with some sugar.
Well, it turns out that Budget Day was pretty sweet, and not
just because of my cupcakes. In fact, it was a sigh of relief that
I let out while reading the Budget papers, as the anticipated
changes were not as onerous as we thought. Some of the key
highlights on the income tax aspects of the Budget are summarized
below.
