TORONTO, March 10, 2017 /CNW/ - The federal government is set to deliver their budget on March 22, 2017, and KPMG forecasts the budget will address economic challenges such as large deficits and strategies to maintain Canada's competitive edge. KPMG tax professionals across Canada are available pre-budget and on budget day for comment.
What else could be in store for Canadians?
Innovation and R&D Support - The government's budget may focus on supporting innovation and research and development (R&D). We could see the creation of a patent box program to subsidize the expenses incurred by small and medium-sized businesses obtaining a first patent – similar to a recent program launched in Quebec.
Personal Tax Measures – This year's budget may introduce measures based on the results of an on-going tax-based expenditure review that began in 2016. This review looks at tax credits and a wide range of other targeted tax measures such as preferential tax rates, exemptions, deductions and deferrals that are aimed at reducing taxation for specific groups or to achieve certain public policy objectives. It remains to be seen what changes, if any, will be made.
International Tax – In support and facilitation of the OECD's Base Erosion and Profit Shifting (BEPS) initiative the government may adopt a multilateral instrument to facilitate updating its international tax treaties. In 2016's budget, the government pledged its commitment to address treaty abuse in accordance to BEPS minimum standard and some related measures may be included in the 2017 budget.
KPMG tax professionals across Canada are available to provide regional insight leading up to the federal budget. With 34 locations across Canada, our regional leaders are available to comment on the budget's local impact for Canadians and their businesses.
Budget Day Commentary
KPMG tax professionals will be on the Hill, providing insight and commentary about the impact of the 2017 budget on individuals and businesses in Canada. Highlights will be available late in the afternoon on budget day at kpmg.ca/budget.
KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative ("KPMG International"). KPMG member firms around the world have 189,000 professionals, in 152 countries.
The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such.
SOURCE KPMG LLP
For further information: Tonique Bedeau, National Manager, Communications, KPMG in Canada, 416.777.3241, [email protected]