Finance Minister Jim Flaherty delivered the 2014 federal budget in Ottawa on February 11. Investment Executive reporters and editors were there to report the news and insight for advisors. Watch analysis from Jamie Golombkek in our Multimedia Centre and replay the post-budget webinar.
February 12, 2014Changes are geared to company size and level of withholdings
Flaherty predicts $2.9-billion deficit — or a balanced budget — this year
New safeguards include improved deposit insurance and additional protections for seniors
The feds are focused on keeping taxes low, closing loopholes and job creation, the latter of which is the government’s top priority
Although Ottawa warned that it would introduce legislation for a co-operative securities regulator, it has not included such a measure in this year’s budget
An additional $40 million for incubators, and a revamp of the immigrant investor program
Proposed initiatives to help disabled find employment
Promises include more consultation, fostering of bank competition and relief for compliance burdens
Jamie Golombek, managing director, tax and estate planning, CIBC Private Wealth Management, reports that Budget 2014 proposes an immediate end to the 60-month exemption on immigration trusts, without grandfathering. The budget proposal requires that tax be paid immediately on investment income earned in non-resident trusts. He spoke from the Budget 2014 lockup in Ottawa.
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