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Drache LLP 2007 Budget Commentary

   Federal Budget 2007 – A little bit of this and a little bit of that, but not even new shoes for the Finance Minister
   Tories Opt for Targeted Tax Breaks
   Budget 2007 – Business Measures
   Charities - Be Careful What You Ask For!
   Budget 2007 : un budget à saveur électorale

Federal Budget 2007 – A little bit of this and a little bit of that, but not even new shoes for the Finance Minister - Charles Rotenberg
As expected, Finance Minister Jim Flaherty delivered an election Budget – designed to get the support of opposition parties trying to avoid an election, or to garner votes from the electorate in the event of an election. One of the most notable things is that the Finance Minister broke a long time tradition of Finance Ministers standing in the House in new shoes to deliver the Budget.
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Tories Opt for Targeted Tax Breaks - Arthur Drache
Once again, as he did last year, Finance Minister Jim Flaherty has chosen to give targeted breaks to selected groups of Canadians over broad-based tax cutting But at least this year he didn’t raise tax rates as the Tories did in 2006. Once again, the question of getting a tax break depends upon whether you are a member of the group the Tories are wooing. There was nary a mention of spousal income splitting and not a word about capital gain deferral plans, beyond the increase of already existing limits for small businesses and farmers and fishers.
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Budget 2007 – Business Measures - Charles Rotenberg
In what is clearly a pre-election Budget, Finance Minister Flaherty has included some significant benefits for the business sector. Lifetime Capital Gains Exemption Although mentioned in Arthur Drache’s article dealing with personal tax changes, it is again worth mentioning the increase of the Lifetime Capital Gains Exemption for Qualified Small Business Corporations, farmers and fishers, from $500,000 to $750,000. This will apply to the capital gain when the qualifying business is sold or is treated as if it were sold, primarily at the time of death.
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Charities - Be Careful What You Ask For! - Adam Aptowitzer
After the 2006 Budget, many observers expected that the elimination of tax on the donation of publicly listed securities to “public” charities would be extended to private foundations, and, indeed, Budget 2007 lived up to this prediction. Unfortunately, with the wise extension of the tax break to donations to private foundations came a series of anti-avoidance rules which will leave some private foundations in a perpetual state of ignorance as to whether or not they are in compliance with the law.
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Budget 2007 : un budget à saveur électorale - Sebastien Desmarais
C’est cet après-midi que le gouvernement minoritaire de Stephen Harper a déposé son deuxième budget. En cette ère pre-électorale, les attentes étaient élevées et tous, contribuables et les provinces, étaient impatients d’apprendre la manne à recevoir. Après une révision du budget 2007, on constate que M. Flaherty a délivré un budget sûr et sans risques pour son gouvernement. Voici en résumé les principales composantes de ce budget.
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