Need A Source? 2008 Federal Budget: Are Further Tax Cuts on the Horizon?



    TORONTO, Feb. 26 /CNW/ - On Tuesday afternoon, federal Finance Minister
Jim Flaherty will table the latest federal budget. While recent tax reductions
may limit the government's ability to introduce further tax relief, reports
have suggested that the Finance Minister may still unveil targeted tax changes
to stimulate economic activity. In fact, the spectre of a potential election,
coupled with the challenges posed by recent economic events, raise a host of
questions, including:

    
    -   Will the government introduce a capital gains tax rollover to fulfill
        the promise made in its 2006 election platform?
    -   Will the preferential capital cost allowance rules, introduced on a
        temporary basis in 2007, be extended to encourage continuing
        reinvestment in manufacturing machinery and equipment?
    -   Will the government unveil specialized tax prepaid savings accounts
        to encourage heightened personal savings?
    -   Will incentives be offered to the provinces to encourage the
        harmonization of the existing retail sales taxes with the GST?
    

    The enactment of any of these proposals would represent a notable shift
in Canadian tax policy and would have significant implications for both the
government and Canadian taxpayers.
    Michael Friedman, Todd Miller and Michael Templeton are tax lawyers with
McMillan Binch Mendelsohn LLP and are available to discuss the budget and the
federal government's future tax plans.
    Michael Friedman is a partner in the firm's Tax Group and advises clients
on a broad range of domestic and international taxation matters. Michael has
extensive experience guiding the tax-efficient execution of domestic and cross
border corporate transactions and regularly assists clients in resolving
disputes with both the Canada Revenue Agency and the provincial revenue
authorities.
    Todd Miller is a partner in the firm's Tax Group and has broad experience
counseling clients on domestic and cross-border financing transactions,
securities offerings, mergers and acquisitions, and business divestitures.
Todd has also developed expertise in the areas of estate planning, employee
compensation, and the taxation of charities and other non-profit
organizations.
    Michael Templeton is a senior partner in the firm's Tax Group and
practices in the areas of international transactions, business taxation and
tax litigation. Before joining the firm, Michael represented the Canada
Revenue Agency in tax appeals and has appeared before the Supreme Court of
Canada on tax issues.





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For further information: Or to arrange an interview please contact: Lisa
Mills, Media Profile, (416) 504-8464, Mills@mediaprofile.com

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FEDERAL BUDGET REACTION 2008

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