Doug Carroll

2025 Federal Budget [Aviso PDF]
1. Budget delivery
– – Move to a fall cycle
2. Federal income tax brackets & rates
– – Middle-class tax cut
– – Top-up tax credit
– – Individual bracket indexing
– – Corporations
3. Federal spending and workforce
– – Comprehensive expenditure review
– – Early retirement incentive
– – Attracting private experts to public service
4. Support for those with significant needs
– – Personal support workers tax credit
– – Automatic tax credits for lower income
– – Accessing Canada disability benefit
– – Combined HATC + METC claims
5. Qualified investments for registered plans
– – Small business investments
– – Qualified investment trust rules
6. Parents, family and youth
– – National school food program permanent
– – Bereavement, EI parental benefits
– – Student financial assistance
– – Youth employment
7. Personal financial management
– – Helping credit unions grow and compete
– – Combatting financial fraud
– – Protecting against economic abuse
– – Financial fees review
– – Access to funds deposited by cheque
8. Business investment support
– – Immediate expensing for M&P buildings
– – SR&ED tax incentive program
– – Flowthrough shares, critical minerals
– – Agricultural cooperatives
9. Efficiency and integrity of tax system
– – Staggered corporate year-ends
– – Trusts 21-yr rule avoidance
– – Carousel fraud
10. Miscellaneous new and revisited measures
– – Eliminating GST on first time home
– – Carbon tax rebate
– – Luxury tax on aircraft vessels
– – Underused housing tax

2024 Federal Budget [Aviso PDF]
1. Federal income tax brackets & rates
– – Individual bracket indexing 2023 to 2024
– – Corporations
2. Personal tax changes
– – Capital gains inclusion rate
– – Alternative Minimum Tax (AMT)
3. Working life and small business
– – Lifetime Capital Gains Exemption (LCGE)
– – Canadian Entrepreneurs’ Incentive (CEI)
– – Canada Carbon Rebate for Small Businesses
– – Deduction for tradespeople’s travel expenses
– – Employee Ownership Trust tax exemption
– – Mutual fund corporations
4. Family and community
– – Canada Learning Bond accessibility
– – Canada Child Benefit and Child Disability Benefit – for Grieving Families
– – Disability Supports Deduction
– – Volunteer Firefighters Tax Credit and the Search and Rescue Volunteers Tax Credit
5. Housing affordability
– – 30-Year Amortizations for First-Time Buyers Purchasing New Builds
– – Home buyers’ plan
– – Canada Secondary Suite Loan Program
– – More Skilled Trades Workers Building Homes
– – Halal Mortgages
6. Cost of living
– – Canada pension plan
– – Enhancing Free and Affordable Bank Accounts
– – Capping Non-Sufficient Funds Fees at $10
– – No-fee switching to cheaper telecom plans
– – Automatic tax filing for low-income Canadians
7. Investing
– – Mineral Exploration Tax Credit
– – Qualified investments for registered plans
8. Tax administration
– – Charities and qualified donees

2023 Federal Budget [Aviso PDF]

1. Federal Income Tax Brackets & Rates
– – Individual Bracket Indexing 2022 to 2023
– – Corporations
2. Making Life More Affordable
– – Grocery Rebate
– – Junk Fees
– – Predatory Lending
– – Right to Repair
– – Common Chargers for Your Devices
– – Automatic Tax Filing
3. Health and Dental
– – The New Canadian Dental Care Plan
– – Oral Health Access Fund
4. Education and students
– – Making Life More Affordable for Students
– – Improving Registered Education Savings Plans
5. Savings and retirement
– – Registered Disability Savings Plans
– – Retirement Saving – Personal Support Workers
– – Retirement Compensation Arrangements
6. Lifestyle
– – Protecting Passenger Rights
– – Air Travellers Security Charge
– – Alcohol Excise Duty
7. Small business and workers
– – Deduction for Tradespeople’s Tool Expenses
– – Credit Card Fees for Small Businesses
– – Employee Ownership Trusts
– – Family Business Transfers (Bill C-208)
8. Tax compliance
– – Alternative Minimum Tax
– – General Anti-Avoidance Rule

2022 Federal Budget [Aviso PDF]
1. Federal Income Tax Brackets & Rates
– – Corporations – Small Business Rate
– – Financial Institutions
2. New Home Buyers
– – FHSA – Tax-Free First Home Savings Account
– – RRSP Home Buyers’ Plan
– – Doubling the First-Time Home Buyers’ Tax Credit
– – An Extended and More Flexible First-Time Home Buyer Incentive
– – Home Buyers’ Bill of Rights
3. Integrity of the Housing Market
– – Scrutiny on “Renovictions”
– – A Ban on Foreign Investment in Canadian Housing
– – Making Property Flippers Pay Their Fair Share
– – Taxing Assignment Sales
– – Protecting Canadians From Money Laundering in the Mortgage Lending Sector
4. Supporting Our Seniors
– – Aging at Home
– – Doubling the Home Accessibility Tax Credit
– – Multigenerational Home Renovation Tax Credit
5. Help for Families
– – Dental Care for Canadians
– – Supporting Early Learning and Child Care
6. Targeted Employment Measures
– – Labour Mobility Deduction for Tradespeople
– – An Employment Strategy for Persons With Disabilities
– – Extending Temporary Support for Seasonal Workers
– – Employee Ownership Trusts
7. Electric Vehicles
– – Making the Switch to Zero-Emission Vehicles (ZEVs) More Affordable
– – Building a National Network of Electric Vehicle Charging Stations
– – Phasing Out Flow-Through Shares for Oil, Gas, and Coal Activities
8. Tax Planning and Tax Avoidance
– – Bill C-208 Follow-up
– – Next Steps Towards a Minimum Tax for High Earners
– – Strengthening the General Anti-Avoidance Rule

2021 Federal Budget [Aviso PDF]
1. Federal Income Tax Rates & Brackets
– – Individual bracket indexing 2020 to 2021
– – Corporate tax rates
2. Early Learning and Child Care
– – Establishing a Canada-wide Early Learning and Child Care System
– – Accessible Child Care Spaces
– – Addressing the Needs of Indigenous Families and Communities
3. Seniors
– – Increasing Old Age Security for Canadians 75 and Over
– – Helping Seniors Age Well at Home
– – Long-term care and end-of-life care
4. Workers
– – Establishing a $15 Federal Minimum Wage
– – Tax Treatment of COVID-19 Benefit Amounts
– – Streamlined access to Employment Insurance
– – Additional weeks of Recovery Benefits
– – Extending Employment Insurance Sickness Benefits
– – Canada Workers Benefit
5. Young Canadians
– – Working assistance
– – Financial assistance for students
6. Supporting entrepreneurs
– – Women Entrepreneurs
– – Black Entrepreneurs
7. Small business and growth
– – Extension of COVID-19 support programs
– – Canada Small Business Financing Program
– – Canada Recovery Hiring Program
– – Credit Cards Acceptance Fees
– – Canada Digital Adoption Program
– – Employee Ownership Trusts
8. Housing and a green economy
– – GST New Housing Rebate Conditions
– – Lower Home Energy Bills Through Interest-free Loans for Retrofits
9. Measures for specific groups
– – Support for Personal Support Workers
– – Taking Action to Address Predatory Lending
– – Improve access to the disability tax credit
– – Towards a New Disability Benefit
10. Miscellaneous taxes
– – Vaping products
– – Tobacco
– – Luxury Tax
– – Digital Services
– – Tax on Unproductive Use of Canadian Housing by Foreign Non-resident Owners
– – Aggressive tax practices

2020 Federal Budget
No Budget due to Covid-19 pandemic

2019 Federal Budget [Meridian PDF]
1. An affordable place to call home
– – First-time home buyer incentive
– – Modernizing the home buyers’ plan
2. Investing in workers
– – Canada training credit
– – EI training support benefit
– – Leave provisions
3. Canada student loans more affordable
– – Lower interest rates
– – New interest-free grace period
– – Making loans more accessible
4. Registered disability savings plan
– – Cessation of eligibility for the DTC
– – RDSPs in bankruptcy
– – New annuities under registered plans
– – Advanced life deferred annuities
6. A secure retirement
– – For low-income seniors
– – Notice of CPP eligibility at age 70
– – Protecting Canadians’ pensions
7. Pensionable service under an IPP
8. Stock options
9. Mutual funds: Allocation to redeemers
– – Deferral
– – Character conversion
10. Change in use rules for multi-unit residential properties

2018 Federal Budget [Meridian PDF]
Parental sharing employment insurance benefit (5 weeks) • Corporate passive income over $50,000 limiting access to the small business tax rate • Reporting requirements for trusts

2017 Federal Budget [Invesco PDF]
1. Federal income tax brackets 2017
2. Investment fund mergers
– – Merger of switch corporations into mutual fund trusts
– – Segregated fund mergers
3. Business notes
– – Tax planning with private corporations – Policy paper coming
– – Associated corporations and the small business deduction
– – Billed-basis accounting – Effect on professionals
4. Canada Caregiver Credit
– – Consolidation of caregiver credits
5. Medical matters
– – Disability tax credit (DTC), Certification
– – Medical expense tax credit (METC), Fertility treatment
6. Taxation of derivatives
– – Use of mark-to-market method
– – Straddle transactions
7. Potpourri
– – Anti-avoidance rules for registered plans
– – Public transit tax credit – Eliminated
– – Mineral exploration tax credit – Flow-through shares
– – Uber taxation – Ride-sharing and GST/HST rules

2016 Federal Budget [Invesco PDF]
1. Federal income tax brackets
2. Mutual fund corporations – Tax on switching
3. Corporations
– – Small business rate reduced from 10.5%
– – Consultation on active versus investment business
– – Multiplication of small business deduction
– – Avoidance of the business limit and the taxable capital limit
4. Donation of real estate and shares of private corporations
5. Families with young children
– – Canada Child Benefit (CCB)
– – End of the family tax cut
– – Phase out/eliminate children’s fitness and arts credits
6. Education
– – Teacher supply tax credit
– – Eliminate education and textbook credits, preserve tuition credit
– – Enhanced Canada Student Grants by 50%
7. Seniors
– – Old Age Security (OAS) to remain at 65
– – Increased Guaranteed Income Supplement (GIS) for single seniors
– – Seniors living apart
– – Pursuing enhancements to the Canada Pension Plan (CPP)
– – New Seniors Price Index
8. Other investment developments
– – Federal labour-sponsored venture capital corporations (LSVCC) federal tax credit reinstated
– – Mineral exploration – Flow-through shares continued
– – Sale of linked notes
9. Eligible capital property
10. Life insurance
– – Distributions from life insurance
– – Transfers of life insurance

2015 FederalBudget [Invesco PDF]
1. Savings and seniors
– – TFSA room indexing
– – RRIF minimum withdrawal factors
– – Home accessibility tax credit
– – RDSP legal representation
2. Small business
– – Small business rate reduction
– – Adjustments to dividend tax credit for non-eligible dividends
– – LCGE – Lifetime capital gains exemption for qualified farm or fishing property
– – Small business deduction: Consultation on active versus investment business
– – Consultation on eligible capital property
3. Families
– – Family tax cut
– – Increasing the UCCB Universal Child Care Benefit for children under 6
– – Expanding UCCB to children aged 6 through 17
– – Repeal the Child Tax Credit
– – Increasing the child care expense deduction dollar limit by $1,000
– – Doubling the CFTC Children’s Fitness Tax Credit
4. Charities
– – Donations involving private corporation shares or real estate
5. Tax compliance and adminstration
– – Streamlining reporting requirement for foreign assets
– – Repeated failure to report income penalty
– – Alternative arguments in support of tax assessments
– – Information sharing for the collection of non-tax debts
– – Update on the automatic exchange of information for tax purposes

2013 FederalBudget [Invesco PDF]
1. Job creation
2. Tax relief
– – Charitable giving – FDSC First-time donor’s super credit
– – Sports equipment and baby clothing
– – Adoption expense tax credit
3. Small business
– – LCGE – Lifetime capital gains exemption
– – DTC – Changes to the dividend tax credit
4. Life insurance strategies
– – Leveraged insured annuities
– – 10/8 arrangements
5. Communications with consumers of financial services
– – Comprehensive financial consumer code
– – Protecting vulnerable Canadians from predatory lending

2012 FederalBudget [Invesco PDF]
1. Retirement system
– – OAS – Old age security eligibility age from 65 to 67
– – CPP – Canada pension plan
– – PRPP – Pooled retirement pension plans
2. RDSP – Registered disability savings plans
– – Plan holders
– – Proportional repayment rule
– – Maximum and minimum withdrawals
– – Rollover of RESP investment income
– – Termination of RDSP following cessation of eligibility for the DTC
3. Life insurance policy exemption test
4. Business matters
– – RCA – Retirement compensation arrangements
– – Eligible dividends – Split-dividend designation and late designation
– – EPSP – Employee profit sharing plans
– – Group sickness or accident insurance plans
5. The penny

2011 FederalBudget [Invesco PDF]
1. Personal income tax measures
– – Rates and brackets
2. Seniors
– – Enhancing the GIS for low-income seniors
– – Ongoing consideration of the retirement income system
3. Families
– – Children’s arts tax credit
– – Child tax credit eligibility
– – Family caregiver tax credit
– – Medical expense tax credit for other dependants
4. Education
– – Tuition tax credit – Examination fees
– – EAPs from RESPs – Study abroad
5. Registered plans
– – RESP – Asset sharing among siblings
– – RDSP – Shortened life expectancy, three-year review
– – RRSP – Anti-avoidance rules
– – Advantage rules
– – Prohibited investment rules
– – Non-qualified investment rules
– – IPP – Individual pension plans

2010 FederalBudget [Invesco PDF]
1. Personal income tax measures
– – Rates and brackets
2. Improving delivery of family support amounts
– – UCCB – Universal child care benefit for single parents
– – Benefit entitlement, shared custody
3. Education and disability support
– – Rollover of RRSP proceeds to RDSP
– – Carryforward of RDSP grants and bonds
– – Provincial payments into RESPs and RDSPs
4. Charities
– – Disbursement quota reform
– – Repeal of charitable expenditure rule
– – Modify the capital accumulation component
– – Strengthen the anti-avoidance rules
5. Other income matters
– – Employee stock options
– – US social security benefits
– – Mineral exploration tax credit
– – Non-resident trusts
6. Tax administration
– – Information reporting of tax avoidance transactions

2009 FederalBudget [Invesco PDF]
1. Personal income tax relief
– – Personal amounts and income tax brackets
2. Seniors and registered investments
– – Age credit
– – RRIF minimum withdrawals
– – RRSP/RRIF losses after death
3. Homeowners
– – Home buyers’ plan increase from $20,000 to $25,000
– – First-time home buyer’s credit
– – Home renovation tax credit
4. Other relief
– – Small business limit increased to $500,000
– – Canada child tax benefit / National child benefit supplement
– – Working income tax benefit
– – Mineral exploration tax credit

2008 FederalBudget [Invesco PDF]
1. TFSA – Tax-free savings accounts
2. Increased flexibility for federal LIFs
– – Small balance withdrawal
– – Financial hardship withdrawal
– – One-time unlocking
3. RESP – Registered education savings plans
– – Extending limits by 10 years, contributions from 21 to 31, duration from 25 to 35
– – EAP withdrawal grace period for six months after end of enrolment