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| Flaherty Outlines Canadian 2010 Tax Changes |
by Mike Godfrey, Tax-News.com, Washington
Thursday, December 31, 2009
Jim Flaherty, Canadian Minister of Finance, has outlined tax relief measures that will
come into force during 2010, as part of the government’s attempt to support
economic recovery.
"These measures build on our government’s record of tax relief
to help businesses remain competitive globally and allow Canadians to keep more
of their hard-earned money," explained Flaherty, continuing:
"The actions taken by our government since 2006 will
reduce the taxes that Canadians and businesses pay by CAD220bn over 2008–09
and the following five fiscal years."
The measures coming into effect in 2010 include the following:
- A reduction from 19% to 18% of the federal general corporate income tax
rate;
- The introduction of an increase from 10% to 25% in the pension surplus
threshold under the Income Tax Act, which applies to both federally and provincially
regulated defined benefit pension plans. The new surplus threshold will apply
to employer contributions made to Registered Pension Plans after 2009 in respect
of employment periods after 2009;
- Changes associated with the Fifth Protocol to the Canada-United States
Tax Convention, including the final step in the phased elimination of withholding
tax on non-arm’s length interest paid between the two countries – the
rate drops from 4% in 2009 to 0% on January 1, 2010.
"As we prepare to enter the second phase of our Economic Action Plan,
measures introduced by our government since coming to office will help Canadians
and businesses as they recover from the global economic recession and will help
foster a stronger economic recovery," Flaherty concluded.
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