The first budget introduced by the Conservative government in Ottawa included several new provisions. The following list is a reminder of some of the tax issues to watch for in 2006 and/or 2007.

• GST rate reduced from 7% to 6%
• Small business limit increased to $400,000 for 2007
• Carry forward period for non-capital losses and business investment tax credits extended from    10 to 20 years
• Apprenticeship job creation tax credit
• Capital cost allowance threshold for small tools increased from $200 to $500
• Changes to tobacco and alcohol tax levies
• Reductions in air travelers security charge rates

Previously announced changes in tax rates, surtaxes and capital taxes were affirmed.

Please contact your accountant at Harvey, Lister & Webb Incorporated to discuss the possibilities.

Legal Notice: Information on this site is not intended for use without professional advice.