Budget-2013-safe

Our annual budget night coverage brings you the first wave of news from the lock up, but there’s always more to report once our expert sources have time to digest the finer points of the document drop.

Here’s a round-up of articles we’ve put together this past week:

New rules to plug gaps in tax regime

The 2013 Budget introduced a slew of changes to tax rules in an attempt to plug loopholes. One such amendment proposes to extend the reassessment period for tax shelters.

Corporate-class, ETFs still tax efficient after budget

It’s going to be more difficult to save tax. The 2013 Budget took aim at investments that use derivatives to convert income into capital gains, also known as character conversion transactions.

CRA beefs up foreign property disclosure requirements

Foreign property owners will need to cough up more info to the tax man thanks to the 2013 Budget.

Ottawa pushes for PRPP implementation

Ottawa is pushing the provinces to move forward on pooled registered pension plans (PRPPs), says Doug Watt, an Ottawa-based writer.

Budget boosts charitable tax credits, LSVCCs phase out

When it comes to charitable contributions, the Budget proposed some positive changes.

Budget supports mineral exploration sector

Budget 2013 introduces a renewed commitment to the Mineral Exploration Tax Credit (METC), as well as to key investments in skills training and aboriginal communities, says the Prospectors & Developers Association of Canada.

Majority grades budget “C” or worse

Fifty-seven percent of the Canadian business community gave the budget a grade of “C” or worse, according to an Ernst & Young survey.

Small credit unions squeezed by Budget 2013

B.C.-based First West Credit Union has weighed in on the surprise announcement in Budget 2013, in which a tax deduction available for credit unions would be phased out over the next five years.

Character conversion transactions under fire

Bloom Investment Counsel—which manages the Bloom U.S. Advantaged Income & Growth Fund—has been affected by the 2013 Budget, and it may not be the only company.

IBC praises infrastructure spending in budget

The Insurance Bureau of Canada (IBC) has applauded the federal government for its commitment to infrastructure spending in the latest federal budget.

Originally published on Advisor.ca

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