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Federal Budget 2017 – Medical Tax Credit Changes

Jennifer So • March 23, 2017 Jennifer SoThe March 22, 2017 Federal Budget announced a number of proposed changes to medical tax credits. Here is an overview of some proposed changes that may be relevant to you: Medical Expense Tax Credit – Eligible The medical expense tax credit is a 15-per-cent non-refundable tax credit that can be claimed by an individual above ... Read More

Federal Budget 2017 – International Tax Measures

Andy Yap • March 23, 2017 Andy YapThe 2017 Federal Budget announced the government’s continuing goal to address base erosion and profit sharing (BEPS) and international tax evasion that was first dealt with in the 2016 Federal Budget. Canada has worked with the Group of 20 (G20) and the Organisation for Economic Cooperation and Development (OECD) to develop recommendations un ... Read More

Federal Budget 2017 – Professionals and Work in Progress

Derek Wagar • March 23, 2017 Derek WagarThe Federal Budget tabled on March 22, 2017 proposed the elimination of a tax deduction related to professionals and work in progress. Work in Progress Revenue for Certain Professionals Generally speaking, unbilled work in progress (WIP) must be included in computing income for tax purposes. However, certain designated professionals (i.e. lawyers, ... Read More

Federal Budget 2017 – Personal Tax Credit Changes

Pavlo Fedorchuk • March 23, 2017 Pavlo FedorchukThe March 22, 2017 Federal Budget announced several proposed changes to personal tax credits. Here is an overview of a few of the proposed changes that may be of interest: Public Transit Tax Credit Currently, there is a 15% non-refundable tax credit available to individuals, based on the cost of eligible public transit passes, including weekly/mo ... Read More

Federal Budget 2017 – GST/HST Tax Changes

Andy Yap • March 23, 2017 Andy YapThe Federal Budget of March 22, 2017, announced certain changes to the Goods and Services Tax/Harmonized Sales Tax (GST/HST) regarding ride-sharing services and non-resident tourists. Ride-Sharing Services To ensure that ride-sharing businesses are exposed to the same sales tax rules as taxi operators, the definition of a tax business under the Exc ... Read More