Canada: Tax provisions in 2017 federal budget | KPMG | GLOBAL

Canada: Tax provisions in 2017 federal budget

Canada: Tax provisions in 2017 federal budget

The Finance Minister today delivered Canada's 2017 federal budget. Among the tax provisions are measures to:

1000

Related content

  • Make changes to the timing and recognition of gains and losses for derivatives
  • Clarify the definition of factual control used, for instance, in determining whether two or more Canadian controlled private corporations (CCPCs) are associated as corporations
  • Eliminate the ability of designated professionals to elect to use billed-basis accounting
  • Review the use of certain tax planning strategies involving private corporations
  • Eliminate certain personal tax credits and deductions including the public transit tax credit and the home relocation loan deduction
  • Invest in innovation and skills training to accelerate growth
  • Improve the temporary foreign worker program and the international mobility program

There were no changes to the capital gains inclusion rate, stock options or any specific tax measures related to the OECD base erosion and profit shifting (BEPS) initiative.

 

Read a March 2017 report [PDF 124 KB] prepared by the KPMG member firm in Canada

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit