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On Wednesday, June 26, 2013, Bill 60 (Economic Action Plan 2013 Act, No. 1), which will implement certain tax measures in the 2013 budget along with other tax measures, received Royal Assent and became law. What follows is a high-level look at what exactly has passed and what measures are yet to be passed into law.
Note that the proposed measures dealing with the increase to the lifetime capital gains exemption (LCGE) limit and indexing of the limit were not included in this latest round of approved budget measures. This proposal increases the LCGE limit to $800,000 for 2014 and later years from the current $750,000 and also proposes to have the LCGE indexed for taxation years after 2014.
In addition, the proposals dealing with Synthetic Dispositions, Character Conversion Transactions and elimination of the graduated rates for Trusts and Estates are not in the current measure passed into law. Finance has asked for feedback from the country’s tax professionals regarding their consultation paper on the graduated rates issue, so this measure is still under discussion and review.
Note that the business measures dealing with changes to Leveraged Insured Annuities, the 10/8 insurance arrangements, corporate loss trading, trust loss trading, thin capitalization and restricted farm losses were not included in this latest round of approved budget measures.
Our understanding is that finance does not intend to move forward with the consultation on taxation of corporate groups, but stay tuned for additional information on the remaining proposals not yet enacted.
Related Topics:Personal Tax; Capital Gains; Budget Announcements; Government; Charitable Donations
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