The Canada’s Federal Budget Bill contains measures from the 2013 federal budget including:
- Introduction of new administrative financial penalties and criminal offences to deter the use, possession, sale and development of electronic suppression of sales software designed to create wrong records in tax evasion;
- Closing tax loopholes regarding character conversion transactions, synthetic dispositions, leveraged life insurance arrangements and other schemes;
- Stretch accelerated capital cost allowance to further inspire investments in clean energy generation;
- Increase and index the Lifetime Capital Gains Exemption;
- Extending and expanding the hiring benefit for small business that will credit approximately 560,000 employers, to help create more employment;
- Given that income from character conversion transactions is taxed properly;
- Provide that the tax attributes of trusts cannot be inaccurately transferred among arm’s length persons;
- Change the rules that apply to non-resident trusts;
- Fix employment insurance premium rates for three years that will give employers and employees with an additional Canadian $660 million (Canadian $630.8 million) in 2014;
- Improving the efficiency of the Temporary Foreign Worker Program by stretching electronic service delivery;
- Deduct unintended tax benefits from two types of leveraged life insurance arrangements; and
- Bind corporate loss trading among arm’s length persons.
