The Ministry of Finance in Canada has introduced the receipt of Royal Assent for legislation to apply center elements and a series of tax credit reforms in the 2014 Budget. The legislation extends the 15% Mineral Exploration Tax Credit for share investors for an extra year. It also initiates a Search and Rescue Volunteers Tax Credit for those who execute at least 200 hours of service per year, and rises the maximum Adoption Expense Tax Credit to CAD15,000 (USD13,971).
Services those are professional will be free from the goods and services tax/harmonized sales tax (GST). Under the Medical Expense Tax Credit, the list of appropriate expenses will be extended. It will now include costs related to animal’s service that are particularly trained to help individuals with severe diabetes, and the amounts paid for an eligible individualized therapy plan’s design.
