The March 22, 2017 federal budget (the “Budget”) included a number of tax measures that will impact Canadian taxpayers. Rather than summarize every tax measure included in the Budget document, this report, which was prepared from within the Budget lock-up today in Ottawa, will focus on some of the tax measures that are of most interest to individuals and small business owners.
“Boutique” Tax Credits
“Boutique” tax credits or deductions, sometimes described as “tax expenditures”, refer to government spending to encourage certain programs and behaviours, such as public transit and post-secondary education, or that target certain segments of the population, such as parents, seniors or pensioners. These expenditures are administered through the tax system and are often delivered in the form of tax credits.