While there’s little to get excited about in the 2014 Federal Budget, its contents just might meet the government’s political objectives – tightening purse strings enough to put Canada in the black by the 2015 election.
Unlike prior years, there were virtually no goodies, aside from new tax credits for adoptions and people who volunteer for search and rescue operations.
Further, this year’s Budget shuts down some key loopholes, including use of trust income to fund certain income-splitting arrangements, the use of graduated tax rates in testamentary trusts, and elimination of a five-year tax holiday for wealthy newcomers to Canada.
On the plus side, Ottawa extended tax relief for people who commute underfunded pensions and created a new option for heirs whose departed parents left significant charitable donations.
Please check out all our 2014 Federal Budget coverage here:
Trust changes hurt middle class more than rich
You tried to sway the government, but it didn’t work.
Conservatives aim tax breaks at average Canadians
The government is continuing its streak of closing tax loopholes while targeting middle-class voters with tax credits in the 2014 budget.
Feds table cheapskate budget
The Harper government’s latest budget is chock full of items that don’t cost a penny but sure sound like a million bucks.
Budget 2014 clamps down on trusts
The federal government plans to eliminate special tax benefits that arise from applying graduated taxation to testamentary trusts and grandfathered trusts
Government reports progress on national regulator
Despite little news in yesterday’s budget, the federal government’s still keen to establish a national securities regulator, and bureaucrats are making progress on the measure.
Budget includes $200 million for national disaster mitigation program
The federal government will commit $200 million over five years to establish a national disaster mitigation program as part of its budget plan for 2014.
And stay tuned the rest of this week as Advisor.ca brings you analysis of the most significant tax changes that will result from this year’s Budget.
The Editors