Budget 2015 – Strong Leadership

The following questions and answers are based on proposed measures that were announced in the 2015 budget on April 21, 2015. Please note that these measures will not become law until they have received Royal Assent.

The CRA will continue to communicate tax changes through its Web site, its forms and publications, its phone enquiries services and other communication channels, as the information becomes available.

In the meantime, please consult the Web site of the Department of Finance Canada to find out more.

CRA 2015 Budget News

Individuals

• Tax Free Savings Account
• Minimum Withdrawal Factors for Registered Retirement Income Funds
• Transfer of Education Credits – Effect on the Family Tax Cut
• Home Accessibility Tax Credit

Businesses

• Quarterly Remitter Category for New Employers
• Withholding for Non-resident Employers
• Lifetime Capital Gains Exemption for Qualified Farm or Fishing Property

Charities and Other Qualified Donees

• Donations Involving Private Corporation Shares or Real Estate
• Investments by Registered Charities in Limited Partnerships

Other

• Repeated Failure to Report Income Penalty
• Streamlining Reporting Requirement for Foreign Assets

Related link

• News release: Canadians can immediately take advantage of the proposed $10,000 Tax-Free Savings Account annual contribution limit