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Federal Budget Update
Good morning,
RBC Wealth Management has reviewed the June 6 Federal Budget document which largely re-introduces the commitments from the March 22 budget. As a result, We are happy to provide you with an updated summary of the key tax measures that are of most interest to Canadian investors.
Highlights of the budget include:
- No changes to personal or corporate tax rates, or changes in planned indexation of personal tax brackets and tax credits.
- Limited new spending measures, with a focus on making technical adjustments to close unfair tax loopholes that are perceived to be abusive.
- New rules to restrict the exemption from capital gains tax on the donation of flow-through shares to a charity.
- Limiting the ability to swap assets between RRSP/RRIF and non-registered accounts.
- Limits on the ability for a small business owner's corporation to deduct past service contributions for an Individual Pension Plan (IPP).
- A number of small targeted tax credits for individuals and their families.
For more details about the June 6, 2011 Federal Budget, please refer to our attached updated 2011 Federal Budget Update.
If you have any questions about the Budget, how it impacts you, or any other wealth management issues, please feel free to contact us at any time.
Kind regards,
Arif Devji, Don Bell, Monica Liang and Majay Raniga
The North Shore Wealth Management Group.
RBC Dominion Securities Inc.
T: 604.981.2312| TF: 1.800-375.0585| 250 15th Street, Suite 201| West Vancouver, British Columbia, V7T 2X4 | www.arifdevji.com
