Canada Poised for Fiscal Sustainability According to KPMG Analysis of Recent Budget and Overview

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Old age security and business tax changes are areas of interest in recent Canadian budget

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Big4, is the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, PwC has complied an overview of the major points from the recently released Canadian budget. reports on the cuts to government programs as predicted by the KPMG analysis of the entire document and the $1.1 billion for direct R&D support as well as providing $500 million for venture capital initiatives.

There were other noteworthy highlights including the fact that age of eligibility for Old Age Security (OAS) and Guaranteed Income Supplement (GIS) will be gradually increased from 65 to 67, starting April 2023, with full implementation by January 2029. Changes affecting business reported on by include the CRA accepting a late designation of an eligible dividend if it is made within the three-year period following the day on which the designation was first required to be made.

Elio Luongo, Canadian Managing Partner, Tax with KPMG in Canada made the following comments:
"The government is looking to support innovation in Canada using a markedly different funding model," says Elio Luongo, Canadian Managing Partner, Tax with KPMG in Canada. "The budget announced the first steps in implementing the government-commissioned Jenkins Report."
KPMG and also reports that there will be an accelerated Capital Cost Allowance for clean energy generation equipment, including waste-fuelled thermal energy equipment, district energy system equipment.

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  •     Kristy Short
(734) 481-0186

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