The Liberal Government released their 2017 budget yesterday, and while it was heavy on nice sounding words like innovation and skill development, it was fairly light on new measures, as many were previous promises. Two notable tax credits are being eliminated, the public transit credit, and the home relocation loan deduction. However, the much rumoured changes to capital gains taxation inclusion rate, did not end up happening, and investors all across Canada breathed a sigh of relief.
Some other notables:
- Optional extended parental leave up to 18 months, however note that this just means the same benefit will be paid out over a longer period, not an actual increase
- GST will need to be collected on ride-sharing services such as Uber
- Sin taxes on liquor will slightly increase, 1 cent on wine and 5 cents on a 24 of beer
- Officially dead, Canada Savings Bonds
For more info on the nuts and bolts, and specific funding provisions see here.