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| Canadian Government Releases Overview Of Fiscal Changes |
by Mike Godfrey, Tax-News.com, Washington
Wednesday, December 30, 2009
The Canadian Department of Finance has released its 2009 Tax Expenditures and
Evaluations report. The report provides estimates and projections of the revenue
impacts of all special federal tax measures introduced during 2009.
Changes introduced during the year detailed in the report include:
- Personal income tax relief, particularly for low- and middle-income Canadians,
through increases in the amount of income that all Canadians can earn without
paying federal taxes or before being subject to higher tax rates, and an increase
in the Age Credit amount;
- The effective doubling of the Working Income Tax Benefit, which will make
work more rewarding for about 1.5 million low-income Canadians and encourage
them to find and retain a job;
- The temporary Home Renovation Tax Credit, the First-Time Home Buyers' Tax
Credit, and an enhancement to the Home Buyers' Plan;
- Additional tax relief for small businesses through an increase to CAD500,000 (USD481,335)
from CAD400,000 in the amount of small business income eligible for the reduced
federal income tax rate of 11%, along with a corresponding increase in the
taxable income phase-out range for spending eligible for the enhanced Scientific
Research and Experimental Development Investment Tax Credit.
The report also included an evaluation report that compares tax assistance
for investment in research and development (R&D) in the 30 member countries
of the Organization for Economic Cooperation and Development and six key emerging
and transition economies. All countries in the comparison group provide tax
assistance for investment in R&D in the form of generous tax depreciation
allowances, which in many cases exceed the amount invested, and a third of the
countries provide investment tax credits (ITCs). Eight countries, including
Canada, provide enhanced assistance to small firms for investment in R&D,
primarily through higher ITC rates. Taking into consideration both large and
small firms, Canada has the third most generous R&D tax regime in the comparison
group, after France and Spain, the report revealed.
The release of the report coincides with that of the Fiscal Monitor, released mid-December, which showed that state debt has increased significantly year-on-year, which, according to the government, reflects the
impact of the weaker economy, alongside the aforementioned measures.
In October 2009, the government
recorded a budget deficit of CAD3.3bn (USD3.17bn), up from CAD0.6bn in October 2008.
The fiscal monitor shows that revenues are down CAD1.8bn year-on-year, reflecting
declines in income tax revenues, excise taxes and duties, and other revenues,
while government expenditure increased by CAD1bn in the period October 2008
through to October 2009 due to higher Employment Insurance (EI) benefit payments
and higher operating expenses of departments and agencies.
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