With just six months remaining before the next Federal election, the Conservatives released the new 2015 budget today. Finance Minister Joe Oliver explained there is an expected $2 billion deficit budgeted for 2014-15, and forecasted a surplus of $1.4 billing for 2016, increasing to $4.8 billion in 2020.
- Increase in the tax-free savings accounts (TFSA) limits to $10,000 from $5,500 starting in 2015
- Reduction in tax rate on the first $500,000 of qualifying active business income for small businesses over four years from 11% to 9%
- Reduction in the minimum withdrawal rules for seniors with registered retirement income funds (RRIFs)
- Employment Insurance Compassionate Care Benefit changes will impact those caring for family members
- Family Tax Cuts (income-splitting) and an increase in the Universal Child Care Benefit
- A new fund to help pay for public transit systems, starting in 2017-18
For further insights into the 2015 Federal Budget.
This article is intended to be an overview of the law and is for informational purposes only. Readers are cautioned that this article does not constitute legal or professional advice and should not be relied on as such. Rather, readers should obtain specific legal advice in relation to the issues they are facing.