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Federal Budget 2014-15 The Road To Balance: Creating Jobs and Opportunities
Federal Budget 2014-15 The Road To Balance: Creating Jobs and Opportunities
10 11 February 2014
Eliminating the deficit will ensure that the federal debt-to-GDP ratio will fall to low, prerecession levels by 201718 and that Canadas total government net debt-to-GDP ratio remains the lowest in the G7. Canada is also on track to achieve the target, announced on 5 September 2013 at the G20 Leaders Summit in St. Petersburg, Russia, of reducing the federal debt-to-GDP ratio to 25% by 2021. In November 2013, the International Monetary Fund estimated that Canadas total government net debt-to-GDP ratio is the lowest, by far, of any G7 country: Canada 36.5%, Germany 56.3%, UK 84.8%, France 87.2%, US 87.4%, Italy 110.5% and Japan 139.9%.
(18.7)
(17.9)
(16.6)
(2.9)
Budgetary scorecard
As new economic data become available, the government continues to refine and update its forecasts for the return to a balanced budget. These forecasts provide insightful information on the growth in revenue, increases and decreases in transfer payments and program expenditures, and interest on the national debt. In Table B, we summarize the deficit projections of fiscal 2014 and fiscal 2015, including two updates to fiscal 2014 (the final fiscal 2014
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accounts will be released in the fall 2014 Economic Update). The deficit for fiscal 2014 is now projected to be $16.6 billion, down from the earlier estimate of $17.9 billion in November 2013, and down from $18.7 billion in March 2013, primarily due to reduction in direct program spending and lower Employment Insurance (EI) benefits. The deficit for fiscal 2015 is projected to be $2.9 billion, down from the $5.5 billion projected in November 2013 and the $6.6 billion projected in March 2013. A significant factor in the return to a balanced budget is low interest rates. In its November 2013 economic statement, the government noted public debt charges represented approximately 11 cents of every revenue dollar in fiscal 201213, well below the peak of 38 cents of every revenue dollar in fiscal 199091.
1,100 600
1,000 600
(700) 2,10 0
Budget balancing
Divesting of certain government assets to the private sector Freezing the operating expenses of departments Deferring national defence capital funding to 2016-17
Consumers
Introducing legislation to address the price gap between identical goods sold in Canada and the United States Continuing investments in Canadas food safety system
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Prohibiting the charges to consumers for paper bills including printed credit card statements Making investments to improve broadband coverage in rural and northern communities Taking steps to lower wholesale roaming rates within Canada
Providing assistance to Ready, Willing & Able, an initiative to help Canadians with intellectual disabilities become part of the workforce Implementing an enhanced Job Matching Service to help unemployed Canadians
Financial
Charging CMHC guarantee fees for mortgage insurance risks Reducing the amount of new guarantees that CMHC is authorized to provide Permitting the Bank of Canada to provide banking and custodial services to the Canada Deposit Insurance Corporation Providing for a property and causalty demutualization framework Proposing amendment to the Bank Act to strengthen the regulatory regime for overthe-counter derivatives Developing a framework for oversight on retail payments systems Introducing an explicit ban on bearer instruments Introducing anti-money-laundering regulations for virtual currencies such as Bitcoin and making online casinos subject to various money-laundering rules
Immigrants
Replacing the Immigrant Investor and Entrepreneur program with an Immigrant Investor Venture Capital Fund pilot project Introducing a new Expression of Interest system to ensure Canada has an efficient, flexible immigration system that matches the needs of employers
Charities
Reducing red tape for charities by enabling them to apply for registration and to file their annual returns electronically Following is a brief summary of the key tax measures.
Businesses
Making an investment in a new WindsorDetroit international crossing Amending the Patent Act, the Trade-marks Act and the Industrial Design Act to modernize Canadas intellectual property framework Making an investment in the Canada First Research Excellence Fund Making additional investments in the Automotive Innovation Fund
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proposal is to replace the existing ECP regime by transferring a taxpayers existing cumulative eligible capital (CEC) pools to a new capital cost allowance (CCA) class. Generally, all of the rules applicable to depreciable property would be applicable to this new CCA class and all future eligible capital expenditures and receipts would be accounted for through this new CCA class. Whereas currently 75% of an eligible capital expenditure is included in the taxpayers CEC pool and deductible at the rate of 7% on a declining-balance basis, 100% of future eligible capital expenditures would be included in the new CCA class and would be deductible at a 5% rate on a declining-balance basis. As with the existing rules applicable to dispositions of depreciable property, future dispositions of ECP and other eligible capital receipts will result in the recapture of CCA and capital gains. Interestingly, this would significantly expand the ability to shelter such gains with available capital losses. Further, for Canadian-controlled private corporations, these capital gains would be subject to a higher rate of tax than would be the case under the current regime. Transitional rules are proposed to allow for a 7% CCA rate in respect of expenditures incurred before the implementation of the new rules. In addition, a transitional measure would apply to eligible capital receipts which relate to property acquired or expenditures made before the new rules are implemented. Further, simplified transitional rules are to be considered for small businesses.
International measures
Budget 2014 includes a number of measures that reflect the governments ongoing commitment to address international aggressive tax avoidance by multinational enterprises. These measures include specific proposals as well as government consultations. The specific international tax proposals are intended to ensure that (i) Canadian financial institutions are subject to tax in respect of certain offshore derivative insurance swaps,
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(ii) the regulated foreign financial institution exception to the foreign accrual property income rules no longer apply to non-financial institutions, and (iii) certain back-to-back lending arrangements are subject to thincapitalization and interest withholding tax rules. The government is also initiating a new consultation on a specific domestic anti-treaty shopping rule, as well as more general consultation relating to international tax planning by multinational enterprises that is intended to inform Canadas participation in international discussions relating primarily to the OECD Base Erosion and Profit Shifting (BEPS) Action Plan.
95(2)(a.2) so that it would apply where, taking into consideration relevant agreements or arrangements entered into by the foreign affiliate or a non-arms-length person, the affiliates risk of loss or opportunity for gain or profit in respect of foreign risks can reasonably be considered to be determined by reference to certain criteria in respect of other risks (the tracked policy pool) that are insured by other parties, and at least 10% of the tracked policy pool comprises Canadian risks. The referenced criteria are the fair market value of the tracked policy pool, the revenue, income, loss or cash flow from the tracked policy pool, or other similar criteria. The proposed changes to paragraph 95(2)(a.2) closely resemble the character conversion rules that were originally proposed in Budget 2013 (and since enacted), insofar as both seek to curtail the use of certain derivative contracts that can alter the tax consequences of economically equivalent transactions. The proposed changes to paragraph 95(2)(a.2) will apply to taxation years of a taxpayer that begin on or after 11 February 2014.
Captive insurance
The Canadian foreign affiliate system contains so-called base erosion rules that are designed to prevent taxpayers from shifting certain Canadian-source income to foreign affiliates. When these rules apply, such income earned by a controlled foreign affiliate is considered foreign accrual property income and is taxable in the hands of the Canadian taxpayer on an accrual basis. The specific base-erosion rule in paragraph 95(2)(a.2) is intended to prevent Canadian taxpayers from shifting income from the insurance of Canadian risks (i.e., risks in respect of persons resident in Canada, property situated in Canada or businesses carried on in Canada) to foreign affiliates. Budget 2014 proposes to modify this rule so that it applies to arrangements sometimes referred to as insurance swaps. Budget 2014 describes such arrangements as transactions that generally involve transferring Canadian risks to a whollyowned foreign affiliate of the taxpayer, which then exchanges those risks with a third party for foreign risks while at the same time ensuring that the affiliates overall risk profile and economic returns are essentially the same as they would have been had the affiliate not entered into the exchange. More specifically, Budget 2014 proposes to extend the base-erosion rule in paragraph
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which the business is principally carried on or another relevant foreign jurisdiction. Budget 2014 suggests that certain Canadian taxpayers that are not financial institutions are accessing the regulated foreign financial institution exception by electing to subject their foreign affiliates to regulation under foreign banking and financial laws. Those affiliates then engage in investment or trading activities on their own account (proprietary trading), as opposed to transactions for customers. Budget 2014 indicates that it is not intended that the exception apply in these circumstances. Budget 2014 proposes to address this concern by adding new conditions for qualifying under the regulated foreign financial institution exception. More specifically, the exception will only be available if: The relevant taxpayer (i.e., the Canadian taxpayer in respect of which the foreign corporation is a foreign affiliate) is a Schedule I bank, a trust company, a credit union, an insurance corporation or a trader or dealer in securities or commodities that is resident in Canada and is subject to regulation by the Superintendent of Financial Institutions or a similar provincial regulator (including corporate parent companies and wholly-owned corporate subsidiaries of such institutions, that are themselves subject to the same regulation), and The Canadian financial institution has (or is deemed under applicable federal statute to have) at least $2 billion of equity, or more than 50% of the taxable capital employed in Canada of the taxpayer and all related Canadian corporations is attributable to taxable capital employed in a regulated Canadian business. In effect, under the proposed change, the status of a Canadian taxpayer will be used as a proxy for whether a foreign affiliate may qualify for the regulated foreign financial institution exception. It is important to note that satisfaction of the new conditions will not guarantee application of the regulated foreign
financial institution exception rather, the new conditions are simply prerequisites, and the application of the exception will still depend on whether the foreign affiliate carries on a regulated financial services business and whether the relevant activities form part of that business. Budget 2014 also cautions that the government will continue to monitor developments in this area, perhaps signalling that further action may be required to ensure that the regulated foreign financial institution exception is not used by taxpayers to obtain unintended tax advantages. This measure will apply to taxation years of taxpayers that begin after 2014. For this particular measure, however, the government is inviting stakeholders to submit comments concerning its scope within 60 days of 11 February 2014.
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which recourse is limited, or where the intermediary receives a loan from the nonresident on the condition that a loan be made to the Canadian-resident taxpayer by the intermediary. In these circumstances, the Canadian resident will be deemed to have an amount owing to the nonresident person and therefore the interest on the indebtedness will potentially be subject to the thin capitalization limitations and the application of Part XIII withholding tax. These back-to-back loan arrangement rules will apply to taxation years commencing after 2014 with respect to thin capitalization. For the purpose of Part XIII tax, the new rules will apply to amounts paid or credited after 2014.
What considerations should guide the government in determining the appropriate approach to take in responding to the issues identified either in general or with respect to particular issues? Would concerns about maintaining Canadas competitive tax system be alleviated by coordinated multilateral implementation of base protection measures? What actions should the government take to ensure the effective collection of sales tax on e-commerce sales to residents of Canada by foreign-based vendors for example, should these vendors be required to register for GST/HST purposes and collect and remit tax on e-commerce sales to Canadian residents? The stated intention of the consultation is to inform Canadas participation in international discussions, including most notably in the context of the OECD BEPS Action Plan.
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law rule (presumably because of the inability to renegotiate treaties in a reasonable period of time). As a result, Budget 2014 signals the governments intention to move forward with a general, domestic anti-treaty shopping rule. Budget 2014 also announces a new round of consultations regarding the specific provisions of the proposed domestic anti-treaty shopping rule. The main elements of the proposed rule are, however, already outlined in Budget 2014: Main purpose provision Subject to the relieving provision, a treaty benefit would not be provided to a person in respect of an amount of income, profit or gain (the relevant treaty income) if it is reasonable to conclude that one of the main purposes for undertaking the transaction, or a transaction that is part of a series, that results in the benefit was for the person to obtain the benefit. Conduit presumption It would be presumed, in the absence of proof to the contrary, that one of the main purposes for undertaking a transaction that results in a treaty benefit (or that is part of a series that results in the benefit) was for a person to obtain the benefit if the relevant treaty income is primarily used to pay, distribute or otherwise transfer, directly or indirectly, at any time or in any form, an amount to another person or persons that would not have been entitled to an equivalent or more favorable benefit had the person or persons received the relevant treaty income directly. Safe harbour presumption Subject to the conduit presumption, it would be presumed, in the absence of proof to the contrary, that none of the main purposes for undertaking a transaction was for a person to obtain a treaty benefit if (i) the person carries on an active business in the relevant treaty jurisdiction that is substantial in relation to the activity carried on in Canada giving rise to the relevant treaty income, (ii) the person is not controlled, directly or indirectly in any manner whatever, by another person or
persons that would not have been entitled to an equivalent or more favorable benefit had the person or persons received the relevant treaty income directly, or (iii) the person is a corporation or trust the shares or units of which are regularly traded on a recognized stock exchange. Relieving provision If the main purpose provision applies in respect of a benefit under a tax treaty, the benefit is to be provided, in whole or in part, to the extent that it is reasonable in the circumstances. Budget 2014 also includes examples of situations that would and would not be subject to the new anti-treaty shopping rule. Interestingly, the first three examples address factual situations that are almost identical to those found in three notable Canadian treaty shopping cases: Velcro, Prvost Car and MIL (Investments). The taxpayer was successful in all of those cases. Certain elements of the proposed anti-treaty shopping rule outlined in Budget 2014 are clearly drawn from Canadas existing treaties. For example, the main purpose provision is consistent with similar provisions that have been included in some of Canadas tax treaties (including, most recently, the treaty with Hong Kong) and elements of the safe harbour presumption are not dissimilar to those in the limitations on benefits provision in the CanadaUS Tax Treaty. The new anti-treaty shopping consultation is open for 60 days after 11 February 2014. However, despite this relatively short timeframe, Budget 2014 also notes that the OECD is expected to issue recommendations in regard to treaty shopping in September 2014, as part of its BEPS Action Plan initiative, and that these recommendations will be relevant in developing a Canadian approach to address treaty shopping. Therefore, it is possible that the government will not move forward with a specific domestic antitreaty shopping rule prior to considering the OECD recommendations in this regard. However, the outcome from the consultation will likely be
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relevant to Canadas participation in the OECD BEPS Action Plan. Interested parties are requested to provide comments within 60 days after 11 February 2014.
Tax credits
The budget includes proposals for a number of new and enhanced tax credits, computed using the lowest personal tax rate (15%):
Search and rescue volunteers tax credit (SRVTC) Effective for 2014 and later taxation years, Budget 2014 proposes a new non-refundable tax credit for eligible ground, air and marine search and rescue volunteers who perform at least 200 hours of volunteer search and rescue services in a taxation year. The credit is based on an amount of $3,000. Adoption expense tax credit The adoption expense tax credit currently allows an individual to claim a non-refundable credit on eligible adoption expenses up to a maximum of $11,774 per child for 2014. Budget 2014 proposes to increase the maximum eligible expenses to $15,000 per child for 2014. The maximum amount is indexed to inflation for taxation years after 2014. Medical expense tax credit For 2014 and later years, the budget expands the list of expenses eligible for the medical expense tax credit to include amounts paid for the design of an individualized therapy plan where the cost of the therapy itself would be eligible for the credit and certain other conditions are met. In particular, the therapy plan must be designed for an individual with a severe and prolonged mental or physical impairment who is eligible for the disability tax credit. The list of eligible medical expenses is also expanded to include expenses incurred after 2013 for specially trained service animals that assist individuals with severe diabetes.
Mineral exploration credit The mineral exploration tax credit, equal to 15% of specified mineral exploration expenses incurred in Canada and renounced to flowthrough share investors, will be extended to
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flow-through share agreements entered into on or before 31 March 2015. This program, initially introduced in 2000, was previously extended and scheduled to expire on 31 March 2014.
February 2014 and before 2015, or in the current year in any other case.
GST/HST credit administration The budget proposes to allow the Canada Revenue Agency (CRA) to automatically determine if an individual is eligible for the GST/HST credit. This change eliminates the need for an individual to apply for the GST/HST credit on their annual income tax return for 2014 and subsequent taxation years.
Transfers of farming and fishing property Budget 2014 proposes to extend eligibility for the intergenerational rollover and lifetime capital gains exemption (LCGE) to taxpayers involved in a combination of farming and fishing. This proposal applies to dispositions and transfers that occur in 2014 and later taxation years. Tax deferral for farmers For 2014 and later taxation years, the tax deferral currently available to farmers who dispose of breeding livestock due to drought, flood or excess moisture conditions in a prescribed region is extended to bees and to all types of horses that are over 12 months of age that are kept for breeding.
Nonresident trusts
The 60-month exemption from the deemed residence rules will be eliminated for taxation years that end after 2014 if no contributions are made to existing trusts on or after 11
Transfer of underfunded commutation payments In certain circumstances, special rules ensure that the maximum amount that may be transferred on a tax-free basis by a member leaving an underfunded registered pension plan (RPP) to their RRSP (or other registered plan) will be the same as if the RPP were fully funded. The budget proposes to extend the application of this special rule to additional circumstances for certain commutation payments made after 2012.
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Electronic filing Funding to be provided to the CRA to enable charities to apply for registration and file their annual information returns electronically. Charitable lotteries Amendments to the Criminal Code to allow charities to conduct various aspects of lotteries (e.g., issuing lottery tickets and receipts to donors) through the use of e-commerce methods. The government also announced its intention to review whether the income tax exemption for NPOs remains properly targeted and whether sufficient transparency and accountability provisions are in place. The review will not, however, be extended to registered charities or registered Canadian amateur athletic associations.
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training-related services must be supplied under particular circumstances: the services must be either supplied by a government or subsidized under a government program, or they must be certified in writing by a recognized health care professional who is caring for a particular individual, as being an appropriate means of assisting that person to cope with the effects of their disorder or disability. Services of acupuncturists and naturopathic doctors: A health care service rendered to an individual is generally exempt under section 7, Part II, Schedule V to the ETA when it is provided by a health care professional whose practice is regulated under provincial legislation. In recognition of the fact that several provinces now regulate the activities of naturopaths and acupuncturists, the exemption will be expanded to apply to services rendered to an individual by these practitioners. Eyewear to electronically enhance the vision of vision-impaired individuals: Part II of Schedule VI to the ETA zero-rates the supply of a number of medical and assistive devices that are specially-designed to assist an individual in coping with a chronic illness or a physical disability. Section 9 of that Part currently zero-rates the supply of corrective eyeglasses and contact lenses sold under prescription. A new provision will be added to zero-rate the supply of an additional form of corrective eyewear that is supplied under prescription and designed to electronically enhance the vision of individuals with particular vision impairments.
below, these changes will take effect for elections made on or after 1 January 2015, and will apply to supplies made between parties to such an election on or after that date. Expansion of availability to new members of related group: Section 156 of the ETA currently allows registrants that are resident in Canada, exclusively engaged in commercial activities and that are members of a closely related group to file an election that will relieve them of the requirement to account for tax on certain transactions between them. The election is currently unavailable where a new member of the related group acquires assets from another member of the group and where, before that time, the new member had not yet acquired any other property. This restriction will be relieved to make the election available in these circumstances, provided that it is expected the new member of the group will be exclusively engaged in commercial activities throughout the 12-month period following the time when the election is made. New filing requirement: Under existing legislation, there is no requirement for the parties to an election under section 156 to file the election form with the CRA. Instead, the election must simply be completed by both parties and retained with their books and records. It is proposed that, effective 1 January 2015, the parties to an election under section 156 will be required to file it with the CRA by the earliest date when any of the parties are required to file a return for the period in which the election is to take effect. Where elections are already in place on 1 January 2015, parties will have until 1 January 2016 to file the election with the CRA. Expansion of liability: It is also proposed that parties to a new or existing election effective on or after 1 January 2015 will be subject to a new joint and several (or solidary) liability provision with respect to tax that may arise in relation to supplies made between them on or after that date.
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Joint ventures
Participants in certain joint ventures are currently permitted to make an election under section 273 of the ETA to simplify the process by which tax is accounted for in respect of activities of the joint venture. Where the election is made, the participants in the joint venture effectively opt to make one person (the operator) responsible for accounting for GST/HST on all supplies, acquisitions and importations that are made in the course of their joint activities. The election is currently available only if the activities of the joint venture are of a type prescribed under the Joint Venture (GST) Regulations. In order to make the election more widely available, Budget 2014 announced the governments intention to propose new joint venture election measures, together with related anti-avoidance provisions, which would allow participants in a joint venture to make the election regardless of the nature of their field of operations, provided that the activities of the joint venture are exclusively commercial and the participants are engaged exclusively in commercial activities. The government will release draft legislative proposals later in the year and stakeholders will be afforded an opportunity to comment on the proposals before enacting legislation is introduced.
number to a person who fails to comply with the registration requirement, after having been informed by the CRA that it is required to register. The CRA will continue to contact noncompliant businesses to ask them to register, but where these attempts are unsuccessful, affected businesses will be issued a formal notification, which will result in registration that will be effective 60 days after the issuance of the notice.
Tobacco taxation
Budget 2014 introduces a number of changes to the applicable rates of excise duty on tobacco products, ostensibly in support of the governments health strategy to discourage smoking among Canadians. These changes will be effective after 11 February 2014. Cigarettes: The rate of excise duty on cigarettes will increase to $0.52575 for each five cigarettes or fraction thereof (thereby resulting in an increase to $21.03 per 200 cigarettes). Other tobacco products: The rates of excise duty will also increase for tobacco sticks (to $0.10515 per stick) and manufactured tobacco such as chewing or fine-cut tobacco (to $6.57188 per 50 grams). For cigars, there will be an increase in the rate of excise duty (to $22.88559 per 1,000 cigars) and an increase in the additional applicable duty for cigars to the greater of $0.08226 per cigar and 82% of the sale price or duty-paid value. Excise duty is currently imposed on all Canadianmade cigarettes, tobacco sticks and manufactured tobacco that is offered for sale in domestic and foreign duty-free shops, as well as on products imported for sale in Canadian dutyfree shops or brought into Canada by returning travellers. These duty-free rates on tobacco products will also increase after 11 February 2014, and for future years these rates will be legislatively linked to changes in the applicable excise duty for these products. Cigarettes: Duty-free rates will increase to $0.52575 for each five Canadian-made
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cigarettes, or $0.10515 per cigarette for imported cigarettes. Other tobacco products: Duty-free rates will increase to $0.10515 per tobacco stick, and to $6.57188 per 50 grams or fraction thereof for manufactured tobacco. The excise duty rates on tobacco products, including the duty-free rates, will be indexed to the Consumer Price Index and will therefore be automatically adjusted accordingly every five years. The first inflationary rate adjustment will take effect on 1 December 2019. Excise duty is currently imposed on tobacco products manufactured in Canada at the time when they are packaged by the manufacturer, while duty is imposed on imported tobacco products at the time of importation. In order to ensure that rate changes are applied in a consistent manner to all cigarettes, Budget 2014 introduces a new inventory tax on cigarettes: Inventories held by manufacturers, importers, wholesalers and retailers at the end of 11 February 2014 will be subject to a tax of 2.015 cents per cigarette. Taxpayers may use any reasonable method for establishing their inventories of these products, including a physical count. The new inventory tax will not apply to taxpayers who hold inventories on 11 February 2014 of 30,000 or fewer cigarettes (or 150 cartons), nor will it apply to cigarettes held in vending machines. Taxpayers who are liable for the new tax must file returns and pay the amount owing by 30 April 2014, after which interest will apply. The inventory tax will also apply at the time of each inflationary excise duty adjustment that occurs at five-year intervals, beginning with the first inflationary adjustment on 1 December 2019.
Other measures
Sanctions for false statements in excise tax returns: Excise tax legislation for fuels, fuelinefficient vehicles and automobile air conditioners is found in the non-GST/HST portions of the Excise Tax Act. Currently, there are no administrative monetary penalties imposed under this legislation for false statements which may be made in respect of these taxes, as there are under other federal tax legislation. Similarly, related criminal offences that apply for this purpose do not provide for prosecution by way of indictment or for imprisonment. Budget 2014 proposes that a new administrative monetary penalty will be introduced, and relevant criminal offence provisions will be amended, to ensure that sanctions that relate to the making of false statements or omissions in respect of excise tax, are consistent with those that apply for GST/HST purposes. These measures will apply to excise tax returns filed after the day of Royal Assent to the enacting legislation. Aboriginal tax policy: To date, the government has entered into 35 sales tax arrangements under which Indian bands and self-governing Aboriginal groups levy a sales tax within their reserves or on their settlement lands. In addition, 14 arrangements respecting personal income taxes are in effect with self-governing Aboriginal groups, under which they impose a personal income tax on all residents within their settlement lands. Budget 2014 reiterates the governments support of these direct taxation arrangements and its willingness to enter into additional agreements with interested Aboriginal governments. The government also announced its support of direct taxation arrangements between interested provinces or territories and Aboriginal governments, and confirmed that it has enacted legislation to facilitate such arrangements.
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Pending legislation
As of budget day, there are no outstanding tax measures that have been introduced in bill form.
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On 17 January 2014, the government announced proposed amendments intended to prevent input tax credits from being claimed that exceed the amount of GST/HST that was actually paid. These amendments are in response to a taxpayer win in a recent Tax Court of Canada decision in Quinco Financial Inc. v The Queen (2013 TCC 20).
Webcast
On Tuesday evening, members of the EY tax team who attended the budget lock-up will record their analysis and insights on the tax measures in the 2014 budget. View our webcast at ey.com/ca/Budget.
Learn more
For more information, contact your EY or Couzin Taylor advisor.
Foreign accrual property income recharacterization Interaction of partnerships and hybrids with foreign affiliates Various foreign affiliate-related technical measures International shipping Taxable Canadian property held by a partnership Functional currency
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