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Interest deductibility
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This issue is still unresolved Two years ago in this space I spoke about the proposed changes to the tax law around the issue of interest deductibility that were introduced on
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Changes Making the Headlines
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October 31, 2003 Those changes came under much criticism from the tax community and investors at large The result is that no changes have been implemented yet, and some revisions to the rules are still expected I still expect (and this is just an educated guess), that the proposed changes will be softened and investors in the end will have comfort that interest will be fully deductible when money is borrowed to invest to earn income For more, see Tip 63 Student Issues Textbook Tax Credit The 2006 federal budget introduced a new tax credit to help defray the costs of books for post-secondary school students Students are able to claim a federal non-refundable tax credit equal to 1525 percent (for 2006) of $65 per month (full-time enrolment) or $20 per month (part-time) Any unused textbook tax credits will be added to the unused portion of tuition and education tax credit amounts for purposes of the carry-forward to a future year, as well as the transfer of unused amounts to a spouse or commonlaw partner, parent, or grandparent
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Scholarship and Bursary Income
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The 2006 federal budget provided additional relief to students by fully exempting scholarships, fellowships, or bursary income from tax Prior to this change, the rst $3,000 of these types of income was exempt, but not the full amount The new rule applies to 2006 and later years
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Administrative Issues Voluntary Disclosure Program (VDP) In the past, many tax practitioners would assist a taxpayer in making a voluntary disclosure to the Canada Revenue Agency (CRA) on a no-names basis Beginning June 2005, the identity of the taxpayer and a nal complete Voluntary Disclosure submission must now be provided to the CRA within 90 calendar days from the date of CRA s receipt of the no-names submission
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Business Measures General Corporate Tax Rate and Surtaxes The 2006 federal budget reduced the general corporate income tax rate (after the 10 percent provincial abatement) to 19 percent from 21 percent, by 2010 Speci cally, the rate will be reduced to the following rates on January 1st of
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1 0 1 Ta x S e c r e t s F o r C a n a d i a n s
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the following years: 205 percent (2008), 20 percent (2009), 19 percent (2010) This reduction does not apply to income already eligible for the small business tax rate Also, the elimination of corporate surtaxes is already scheduled for January 1, 2008, for small- and mediumsized corporations The 2006 federal budget eliminates the surtax on that same date for all corporations
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Small Business Limit and Tax Rate
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The 2006 federal budget did two things to help small businesses: (1) it increases the amount of income eligible for the small business tax rate from $300,000 to $400,000 effective January 1, 2007, and (2) the 12 percent federal tax rate that applies to that income will be reduced by one percent (to 115 percent for calendar 2008, and 11 percent effective January 1, 2009)
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Non-Capital Losses and Investment Tax Credits
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The current rules allow non-capital losses and Investment Tax Credits to be carried forward up to 10 years for use in a future year The 2006 federal budget changed this by extending the 10-year period to 20 years
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Federal Capital Tax
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The federal capital tax on corporations (called Large Corporations Tax) has been around since 1989 but was legislated to be eliminated in 2008 The 2006 federal budget eliminates this capital tax effective January 1, 2006, two years sooner than expected
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Capital Gains of Fishers
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Rules that have been available to farmers and other small business owners in Canada for some time have now been extended to shers, thanks to the 2006 federal budget Speci cally, the following will be available on dispositions of qualified fishing property after May 1, 2006: (1) an inter-generational rollover for transfers to a child or grandchild, (2) access to the $500,000 lifetime capital gains exemption for capital gains on such property, and (3) an extension of the period to claim a reserve, from ve to ten years, in respect of proceeds that have not been received on dispositions of quali ed shing property
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