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2014 Budget Highlights

Posted by: Zena Amundsen | Posted on: February 18th, 2014 | 0 Comments

On February 11, Finance Minister Jim Flaherty delivered his federal budget for 2014. Here is an overview:budget 2

Testamentary trusts

  • No longer entitled to graduated tax bracket treatment

Estate donations

  • Greater flexibility for tax reduction when making donations through Will and estate

Adoptions

  • Amount for adoption expense tax credit increased to $15,000

Immigration trusts

  • New Canadians will no longer be able to set up these tax-friendly tools

GST qualification  

  • No need to apply; CRA will make the calculations and inform those eligible 

Amateur athlete trusts

  • Fewer restrictions for RRSP contributions

Search and rescue volunteers

  • New tax credit

Medical expense tax credit

  • Extension to include cost of preparing a treatment plan

I trust you found these highlights useful. If you would like to discuss these budget initiatives and how they may affect your financial plan, please don’t hesitate to contact me at ­­­­­­­­­­­ 306-525-5250 or 1-877-225-5250.

 

 

 

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