Tax Relief in Budget 2010

In his 2010 budget speech the Honourable Jim Flaherty, Minister of Finance declared “Reducing the tax burden on Canadian families and businesses through a more efficient and fairer tax system helps support Canada’s economic recovery.”

Here are some tax measures that will help families and businesses to reduce their annual tax burden:

Provide for the sharing of the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB) in cases of shared custody.

Allow Registered Retirement Savings Plan (RRSP) proceeds to be transferred to a Registered Disability Savings Plan (RDSP) on a tax-deferred basis.

Facilitate the implementation of Employee Life and Health Trusts.

Provide legislative authority for the Canada Revenue Agency to issue online notices when the taxpayer so requests.

Reduce the paperwork burden for small excise taxpayers under the Paper Burden

Expand the availability of Accelerated Capital Cost Allowance for clean energy generation.

Adjust the Capital Cost Allowance rate for television set-top boxes to better reflect the useful life of these assets.

Protect agents of the Crown collecting the Goods and Services Tax/Harmonized Sales Tax (GST/HST) and the Air Travellers Security Charge from civil liability claims.

Address aggressive tax planning techniques related to Tax-Free Savings Accounts.

Amend labour-sponsored venture capital corporation rules relating to Tax-Free Savings Accounts.”