2014 federal budget analysis
The Minister of Finance Jim Flaherty presented his 2014 Federal budget in the House of Commons yesterday. As expected, the new budget included no new taxes, closed a number of perceived tax loopholes, and committed to a balanced budget in 2015. As part of the budget, there are also a number of tax changes that will impact owner managers and private companies operating in Canada. Please listen to our podcast to learn about some highlights including:
• GST elections changes
• Changes to the tax treatment of testamentary trusts and elimination of the tax benefits provided to immigration trusts
• Changes to thin capitalization rules
• Changes to the timing of employer payroll remittances
• Kiddie tax changes