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Credit Unions – Unintended Tax Rate Increase

20/08/2013


As reported in our March 25, 2013 MNP Tax Alert, the Federal Budget 2013 proposed the phase-out of the additional deduction for credit unions over a five year period, beginning with fiscal years ending on or after March 21, 2013.

While the Budget proposals were passed into law on June 26, 2013 the technical amendments that provided for the legislative change leads to what we believe to be an unintended increase in federal income tax rates for credit unions.

Please download 2013 Federal Budget: Impact on Credit Unions to find out more.