Finance Minister Bill Morneau will deliver the Liberal government’s 2017 federal budget soon.
Although the specific details of the budget are usually developed behind closed doors, there are some clues about the direction the upcoming budget may take. This year, the government’s budget should address the economic challenges of the current environment, including large deficits, and may include measures contemplated in a pre-budget report prepared by the House of Commons Standing Committee on Finance and presented to Parliament on December 7, 2016. This year’s report seems to focus on innovation and contains about a dozen recommendations related to possible tax changes, including measures affecting inter-generational transfers of businesses, research and development (R&D) initiatives, and the creation of a type of patent box program.
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