Need a Source? 2010 Federal Budget: Tax Changes on the Horizon?

TORONTO, March 3 /CNW/ - On Thursday afternoon, Finance Minister Jim Flaherty will table the latest federal budget. Recent reports suggest that the government will attempt to strike a fine balance, reaffirming its commitment to previously announced stimulus projects while attempting to constrain future deficits. Although current financial circumstances may limit the government's ability to introduce further tax relief, reports have suggested that the Finance Minister may unveil targeted tax changes.

Ongoing economic uncertainty, coupled with the challenges posed by mounting deficits, raise a host of tax questions, including:

    
    -   Will the government maintain previously announced corporate tax
        reductions?
    -   Will the government attempt to stimulate the manufacturing, mining
        and forestry sectors by introducing tax incentives to aid such
        industries?
    -   Will the government help Canadians prepare for retirement by
        increasing RRSP contribution limits?
    -   Will the government try to increase tax revenues by introducing new
        programs to address tax evasion and aggressive tax planning?
    

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 LLP and are available to discuss the budget and the federal government's tax plans.

Michael Friedman is a partner in the McMillan'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 McMillan's Tax Group and has broad experience counselling 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 partner in the McMillan'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.

SOURCE McMillan LLP

For further information: For further information: or to arrange an interview, please contact: Jennifer Prouse, McMillan LLP, p. (416) 865-7209, jennifer.prouse@mcmillan.ca; David Eisenstadt, The Communications Group Inc., p. (416) 696-9900 ext. 36, deisenstadt@tcgpr.com

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FEDERAL BUDGET 2010

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