Bill C-60 Passes March 21, 2013 Federal Budget into Law

Bill C-60 passed into law on June 26, 2013. This contained the tax provisions in the March 21, 2013 federal budget. Knowledge Bureau has been busy updating its tax courses in the DFA-Tax Services Specialist program to incorporate the changes. A second summer school session begins August 6. Be sure to register before July 31.

Personal Income Tax Measures include changes to:

• Adoption Expense Tax Credit
• First-Time Donor’s Super Credit
• Lifetime Capital Gains Exemption
• Deduction for Safety Deposit Boxes
• Dividend Tax Credit
• Registered Pension Plans: Correcting Contribution Errors
• Extended Reassessment Period: Tax Shelters and Reportable Transactions
• Taxes in Dispute and Charitable Donation Tax Shelters
• Extension of the Mineral Exploration Tax Credit for Flow-Through Share Investors
• Labour-Sponsored Venture Capital Corporations Tax Credit
• Synthetic Dispositions
• Character Conversion Transactions
• Trust Loss Trading
• Non-Resident Trusts
• Consultation on Graduated Rate Taxation of Trusts and Estates

Business Income Tax Measures include changes to:

• Restricted Farm Losses
• Manufacturing and Processing Machinery and Equipment: Accelerated Capital Cost Allowance
• Clean Energy Generation Equipment: Accelerated Capital Cost Allowance
• Scientific Research and Experimental Development Program
• Mining Expenses – Pre-Production Mine Development Expenses
• Mining Expenses – Accelerated Capital Cost Allowance for Mining
• Reserve for Future Services
• Leveraged Life Insurance Arrangements
  • Leveraged Insured Annuities and 10/8 arrangements
• Corporate Loss Trading
• Taxation of Corporate Groups

International Taxation
Provisions to combat international tax evasion and aggressive tax avoidance and rules surrounding International electronic funds transfers have been incorporated into law.