Top takeaways for Canada’s private companies in the 2019 federal budget

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Top takeaways for Canada’s private companies in the 2019 federal budget GlobeBusiness

Perry Yuen is an associate partner in EY Canada’s Private Client Services practice.

It’s targeted largely towards middle-class voters, with a particular spotlight on baby boomers and millennials – including exemptions aimed at helping low-income working seniors and a modernized home buyer plan for first-time buyers, for instance – rather than providing a clearly defined set of initiatives for small- to mid-sized Canadian businesses.

Canadians must also file a tax return to qualify, earn work wages in excess of $10,000 and have a net income that does not exceed the top of the third tax bracket . The amount of the refundable credit that can be claimed in a taxation year will be equal to the lesser of one-half of the eligible tuition and fees paid in respect of the year and the individual’s notional account balance.

Prior to the new budget announcement, Canadian-controlled private corporations could access the enhanced Scientific Research and Experimental Development tax credit rate of 35% for expenditures up to $3 million every year.

 

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globebusiness Takeaway for Canadian corps.. Use political pressure to squirm out of bribery charges and if that fails the scum-bucket politicians you worked with will release a budget to distract the idiot voters. But you're still going to go to court so there's that.

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