Budget Draft Legislation

On Monday February 2, 2009, the Federal Minister of Finance, Jim Flaherty, tabled in  the House of Commons a detailed Notice of Ways and Means Motion (300 pages) to implement Budget 2009 measures.

The Notice also includes provisions to implement most  remaining tax measures from the February 26, 2008 budget as well as the November 27, 2008 Economic and Fiscal Statement.


Budget 2009 proposed tax measures in the Notice include:

• Increasing by $1,000 the amount upon which the Age Credit is calculated.
• Increasing to $25,000 the maximum amount eligible for withdrawal under the Home Buyers' Plan.
• Introducing amendments to the rules related to Registered Retirement Savings Plans and  Registered Retirement Income Funds to allow for recognition of losses in accounts between  the time of the annuitant's death and final distribution of property from the account.
• Extending the Mineral Exploration Tax Credit for one year.
• Increasing to $500,000 the amount of active business income eligible for the 11 per cent small business income tax rate.
• Implementing the Customs Tariff measures referenced in the budget, (Read More...)