Top 5 Takeaways from the 2017 Federal Budget Release
Here are the top 5 things you need to know:
- No Change to a Number of Rumored Items – capital gain inclusion rate, principal residence exemption and employer provided health plans.
- Billed-Basis Accounting – professionals will no longer be permitted to value work in progress at nil.
- Medical Related Changes – consolidation of infirm dependent credit, caregiver credit and family caregiver amount to a single caregiver credit; nurse practitioners will be able to certify the T2201; and fertility treatments eligible as medical expenses expanded (and the provision will apply to the preceding 10 years).
- Elimination/Modification of Certain Personal Tax Credits/Deduction – loss of public transit amount, loss of home relocation loan deduction and expiration of first-time donor’s super credit.
- Ride-Sharing Services – commencing July 1, 2017 ride-sharing services (e.g. UBER, Lyft) will be defined as “taxi businesses” for GST/HST purposes and therefore be required to charge and remit GST/HST.
Read Entire Federal Budget Summary