Tax & Accounting March 20, 2019

2019 Federal budget highlights

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.
Cameron Mancell
CFP®, Senior Technical Writer at Wolters Kluwer Canada
Cameron Mancell, CFP®, is a Senior Technical Writer at the Wolters Kluwer office in Toronto. Cameron contributes to Canadian Tax Reporter, Preparing Your Income Tax Returns, and Preparing Your Corporate Income Tax Returns, among several others.