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Canada ready to implement 2014 Budget measures
Zone(s): Canada ¦ Sector(s): Taxation
[26 June 2014, Tax-News.com] By Mike Godfrey, Tax-News.com, Washington, USA: Canada’s Finance Minister, Joe Oliver, has welcomed the receipt of Royal Assent for legislation to implement core elements of the 2014 Budget, including a series of tax credit reforms. The tax measures to be introduced as part of Economic Action Plan Act, No.1, relate mainly to Canada’s tax credit system. For instance, the legislation extends the 15 percent Mineral Exploration Tax Credit for flow-through share investors for an additional year. It also introduces a Search and Rescue Volunteers Tax Credit for those who perform at least 200 hours of service in a year, and increases the maximum Adoption Expense Tax Credit to CAD15,000 (USD13,971).