The 2019 Federal Budget is here! The Notice of Ways and Means Motions contain 88 income tax resolutions, 10 GST/HST resolutions, and 4 excise tax resolutions. All of the budget documents, legislation, and expert commentary from Dentons is available on the Federal Budget Portal for download. Notable changes from the Budget include:
- The home buyer’s plan withdrawal limit is increased to $35,000, effective for 2019 and later years.
- Budget 2019 proposes several tax incentives for the Canadian media: qualified donee status for news organizations, a refundable labour tax credit, and a non-refundable credit for digital news subscriptions.
- Zero emissions vehicles will be eligible for a 100% CCA write-off, effective March 19, 2019.
- The government intends to introduce a $200,000 cap on the stock option deduction, and align the stock option rules with the United States.
- Budget 2019 proposes to remove the taxable income threshold for the purposes of determining a CCPC’s limit for the enhanced SR&ED credit.