Government moves to deliver Budget 2010 commitments to strengthen Canada's tax system and create greater tax fairness for Canadians
The Honourable Jim Flaherty, Minister of Finance, today tabled in the House of Commons a detailed Notice of Ways and Means Motion to implement Budget 2010 tax measures. The Notice also includes provisions referenced in Budget 2010 to implement tax measures that were previously announced.
“In our March 4th budget, we promised to close unfair tax loopholes, to make our tax system fairer for Canadian families, and to stay the course on reducing taxes for Canadian businesses to stimulate economic growth and job creation,” said Minister Flaherty. “Today, we are taking the next step to strengthen our tax system and ensure greater tax fairness for all Canadians.”
The Notice of Ways and Means Motion includes tax measures from Budget 2010 that:
- create greater tax fairness between single- and two-parent families with respect to claiming Universal Child Care Benefit amounts;
- extend the Mineral Exploration Tax Credit for one year;
- eliminate the need for tax reporting under section 116 of the Income Tax Act for many investments by narrowing the definition of taxable Canadian property;
- exclude purely cosmetic procedures from the Medical Expense Tax Credit;
- implement an enhanced stamping regime for tobacco products to deter contraband;
- reduce the rate of interest payable to corporations by the Minister of National Revenue in respect of overpayments; and
- ensure that the provisions of the Criminal Code that apply to serious crimes related to money laundering and terrorist financing can be invoked in cases of tax evasion prosecuted under Canada’s tax statutes.
The Notice also contains measures that implement important changes to strengthen federally regulated private pension plans.
More details of these and other measures can be found in the attached Notice of Ways and Means Motion. Detailed explanatory notes relating to these and other measures tabled today will be available free of charge on the Department of Finance website in the near future.
Further information on Budget 2010 is available at
www.budget.gc.ca.
