Potential Tax Changes in Budget 2019
The 2019 Federal Budget is scheduled for March 19, 2019. The contents of the budget are always a secret until the moment the Minister of Finance begins to deliver his budget speech. Often, the government introduces legislation to close loopholes, or override a court decision that it disagrees with. There are often a few surprises too. However, due to the budget secrecy, trying to precisely predict the budget’s tax measures is a fool’s errand. That said, there are some preferential tax changes that have been promised by the current government, but have yet to be enacted—these include:
- remove all GST on new capital investments in affordable rental housing (2015 election platform);
- modernize the Home Buyers’ Plan to allow withdrawals in the case of a job relocation, the death of a spouse, marital breakdown, or a decision to accommodate an elderly family member (2015 election platform);
- accelerated CCA for electric vehicle charging stations (Budget 2016);
- a tax-free benefit to support families of fallen community heroes (Budget 2017);
- extending the mineral exploration tax credit (2018 Fall Economic Statement);
- giving non-profit journalism organizations qualified done status (2018 Fall Economic Statement);
- a refundable tax credit for labour costs of news organizations (2018 Fall Economic Statement);
- a temporary non-refundable tax credit for the cost of digital news subscriptions (2018 Fall Economic Statement); and
- retroactively ensure that the business income of communal organizations retains its character when flowed out to members of the organization (2018 Fall Economic Statement).
Our budget lock-up team will have access to the tax measures several hours before they become public, and our concise analysis will be available that same evening to keep you informed. More updates to follow as the budget date nears.