March 4, 2010 Is Federal Budget Day

The Minister of Finance, The Honourable Jim Flaherty has announced that the Federal Budget will be released on March 4, 2010. The Knowledge Bureau will issue a full report of the budget changes that are introducedwithin EverGreen Explanatory Notes, as well as a highlights version in a Special Edition of Breaking Tax and Investment News on March 5th, 2010.

Mr. Flaherty has also announced that consultations with Canadians are being requested with help to determine measures in the 2010 Federal Budget. The Government will be looking for answers to the following:

• To what level has your industry or community been impacted by measures provided by the Economic Action Plan?
• Do you have any suggestions for making the various programs more effective?
• Are there other steps that could be taken in order for the Canadian economy to remain competitive?
• Can you suggest a time period over which the Government can rebalance the budget?

Suggestions from The Knowledge Bureau:

A Tax Deduction for Volunteering: According to Statistics Canada, more than 12.5 million Canadians did volunteer work in 2007. Approximately 2.1 billion volunteer hours were provided, which is the equivalent of 1.1 million full-time jobs. Charity receipting for labour is of course not possible at this time; however, it is a trend that has an economic impact which could have "tax value" if governments allowed for a tax credit.

An Increase in the Transfer of Tuition Credits. From $5000 to an unlimited amount reflective of the contributions of supporting individuals to their dependants' schooling success.

Additional Educational Resource: EverGreen Explanatory Notes: Your online gateway to the latest changes at the Department of Finance and CRA.