A motion to implement Budget 2011 has been tabled on October 3, 2011, by the Canadian Minister for Finance. The Notice of Ways and Means Motion includes the previously announced tax measures referenced in Budget 2011 to implement.

The Ministry promised to supporting job creation, helping families and communities, investing in innovation, education and training, and preserving Canada’s fiscal advantage in order to create the right conditions for long-term economic prosperity in their June 6 Budget. So they tabled the current motion to implement their commitments.

The Notice includes the following aspects:

i. A new Family Caregiver Tax Credit amount to provide tax relief to caregivers of infirm dependent relatives;

ii. Extending the temporary accelerated capital cost allowance treatment for investment in manufacturing or processing machinery and equipment up to the end of 2013;

iii. Introduce rules to strengthen the tax regime for charitable donations;

iv. Introduce rules to limit the tax deferral opportunities for corporations, especially partnerships;

v. Incorporating occupational, trade and professional examination fees eligible for tax relief under the Tuition Tax Credit;

vi. Reduce the unfairness prevailing in the system for tax-assisted retirement savings;