Federal Budget 2018


Federal Budget 2018

On February 27, 2018, the Liberal government tabled the Federal Budget in a speech by Finance Minister, Bill Morneau. Members of Richardson GMP’s Tax & Estate Planning Team attended the budget lock-up in Ottawa and have prepared a special report, summarizing the announced tax changes. The budget focused on the much discussed tax changes to passive investments held by corporations, the taxation of cannabis and changes to trust reporting including impacts on the privacy currently enjoyed by beneficiaries of trusts in Canada.

  • Taxation of passive investments held by corporations
  • Amendments to the current refundable tax regime
  • Increased transparency through new trust reporting rules
  • Cannabis taxation
  • Personal tax measures
  • Reporting changes and further exposure for taxpayers with offshore investments
What did not change in this budget?
  • Income tax rates
  • Capital gains inclusion rates
  • Capital gains exemption rules
  • Surplus stripping rules

Click here to read the full report.

As always, do not hesitate to contact Richardson GMP Investment Advisor to discuss your tax and estate planning options.

Previous Tax & Estate Planning Strategies
View items by year:

2018

2017

2016

2015

2014

  • Cottage succession

    Sep 21, 2018

    As the end of summer draws near and routine preparations for closing the cottage begin, the thought of one day selling or transferring the cottage to family members may cross your mind. ​Find out how you might do that and how taxes will affect your future plans.
    read more
  • Domestic Agreements: A Primer

    Jul 05, 2018

    A domestic agreement is a contract between two individuals that sets out what will occur to their property and spousal support obligations when their relationship ends or when one of them passes away. Find out how domestic agreements should be part of your wealth management strategies.
    read more
  • How affluent Canadians use life insurance

    May 10, 2018

    By investing within a permanent life insurance policy, you can shelter an additional part of your personal or corporate investment portfolio from taxes.
    read more
  • Prepare Your Business for the New Tax Changes

    Apr 09, 2018

    For small businesses and professional corporations alike, the 2017 tax proposals represented the most substantive changes to the Income Tax Act in the last 40 years. Learn about the tax changes and our best ideas and strategies.
    read more
  • Federal budget 2018

    Feb 27, 2018

    The Liberal government tabled the Federal Budget in a speech by Finance Minister, Bill Morneau. Members of Richardson GMP’s Tax & Estate Planning Team attended the budget lock-up in Ottawa and have prepared a special report
    read more
  • Entrepreneurs & Small Business Owners

    Feb 08, 2018

    Operating a small business is no easy task. Neither is planning due to the complexity that may be involved. Richardson GMP understands that no two businesses are the same as every business owner must work within different personal and corporate environments.
    read more
  • Spousal Loans

    Feb 07, 2018

    The prescribed interest rate for spousal loans is likely to increase from 1% to 2% in April. Now is the time for clients to take advantage of this income splitting strategy as the 1% rate will be grandfathered if set up before April 1, 2018
    read more
  • Where should my savings go: an RRSP or a TFSA?

    Jan 18, 2018

    Where should my savings go: an RRSP or a TFSA? Six tips for getting the most from your RRSP & TFSA contributions.
    read more