Last updated: March 07 2017
The federal government has announced that the 2017 federal budget will be delivered on March 22. However, this week, a change related to mineral tax credits was already announced; as well, some provinces are going ahead with their budget announcement dates; most recently Manitoba.
First to the federal Mineral Tax Credit change:
The Minister of Natural Resources Jim Carr, on behalf of Finance Minister Morneau, announced on March 5 that the federal government will extend the 15-per-cent Mineral Exploration Tax Credit until March 31, 2018. It’s a credit for investors in flow-through shares in early stage mining companies. The news release noted that “over 200 junior companies were able to raise equity in 2015 with help from the credit, by issuing eligible flow-through shares to more than 10,400 individual investors.”
Next, to the provinces:
Northwest Territories tabled its 2017 budget on February 1. No new tax changes were announced although the budget retained the NT Education amount despite the elimination of the federal credit. Additional funds were also allocated for the NT Child Benefit.
New Brunswick tabled its 2017 budget on February 7. The only tax change announced was a reduction in the small business corporate tax rate from 3.5% to 3.0% effective April 1, 2017.
British Columbia’s 2017 budget was tabled on February 21.
The BC budget contained the following personal income tax measures:
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Corporate Taxes:
The BC small business corporate tax rate is reduced from 2.5% to 2.0% effective April 1, 2017.
Non-Tax Changes:
Nunavut presented its 2017 budget on February 22. The budget contained no income tax changes.
Future Budget Dates
This week the Manitoba government announced that it will table its 2017 budget on April 11.