The Ministry of Finance has scheduled a complete notice of ways and means motion to implement certain tax provisions in Economic Action Plan 2015 and other tax measures on 5th May 2015. This notice contains the following measures and specific measures from Bill C-57 including the following:
- Decreasing the tax rate to 9% for small business by 2019.
- Giving manufacturers a 10-year accelerated capital cost allowance to increase productivity by developing investment in machinery and equipment.
- Raising the exemption on lifetime capital gains to CAD 1 million for owners of farm and fishing businesses.
- Prolonging the Mineral Exploration Tax Credit until 31st March 2016.
- Raising the tax-free savings account annual contribution limit to CAD 10,000 for 2015 and subsequent years.
- Minimum withdrawal factors are reduced for registered retirement income funds to permit seniors to retain more of their retirement savings.
- Helping seniors and disabled persons by announcing the Home Accessibility Tax Credit to assist with renovation costs.
- Ensuring extended aid that veterans and their families receive under the new Critical Injury Benefit and Family Caregiver Relief Benefit is free from tax.
