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Budget 2014: fiscal integrity as a work in progress


Minister of Finance Flaherty takes pride in the integrity measures he has introduced since 2006. Last year, Budget 2013 touted over 75 measures aimed at improving integrity and closing tax loopholes. This is not a big surprise from the Minister who took the heat for closing down income funds almost a decade ago. Taxand Canada analyses Budget 2014 and its impact for businesses.

True to form, Minister Flaherty's Budget 2014 continues the pursuit of fiscal integrity. Taxand Canada report on:

  • Consultation on Treaty Shopping
  • Updates on the Automatic Exchange of Information, Tax Treaties and Tax Information Exchange Agreements
  • Consultations on Tax Planning by MNEs
  • Captive Insurance
  • Private Offshore Banks
  • Back-to-Back Loans
  • Non-Resident Trusts – Elimination of “Immigration Trusts” Exemption
  • Consultation on Eligible Capital Property
  • Tax Incentives for Clean Energy
  • Mineral Exploration Tax Credit for Flow-Through Share Investors
  • GST/HST and Excise Tax Measures
  • Graduated Rate Taxation of Trusts and Estates
  • NPO Consultation

Access Taxand Canada's Budget 2014 report: Fiscal integrity as a work in progress >

Your Taxand contactfor further queries is:
Tim Wach
T. +1 416 369 4645

Also published in Thomson Reuters' Taxnet Pro, 14 February 2014

Taxand's Take

Clearly, protecting the integrity of the tax system helps create a  broader, more comprehensive tax base allowing for lower tax rates and a more neutral tax system. However, adjusting to the annual changes to the system is a challenge, not only for those who have taken advantage of the tax planning opportunities, but for all taxpayers from the uncertainty that the new rules can bring to tax planning and compliance.

Taxand's Take Author

Tim Wach
Global Managing Director