The 2015 Federal Budget was introduced yesterday by Finance Minister Joe Oliver. Millards Chartered Professional Accountants has released it’s annual Federal Budget Commentary in response.
Millards’ Brad Sinclair, CPA, CA, says the commentary offers a quick overview and appraisal of the budget’s key points and their relevance to Canadian businesses.
“The Federal Budget Commentary sheds light on the significant budget items important to businesses operating in Canada and we encourage our business clients to download and review it. The 2015 Federal Budget will have an impact on many of our business clients and we want them to understand the implications.”
Brad Sinclair, CPA, CA, Millards Chartered Professional Accountants, Brantford
Sinclair’s Practice Areas include design and implementation of tax minimization strategies for businesses and their owners as well as personal and corporate tax planning. He is intimately familiar with the role that budgets have on Millards’ clients.
“Response to this budget has been measured but generally positive. Finance Minister Joe Oliver has managed to keep the Conservatives’ 2011 election promise to return Canada to a surplus in 2015.”
The Federal Budget Commentary notes that, “CPA Canada gives the Government a solid B grade for the 2015 Budget, despite again choosing tax breaks for designated groups over broad-based income tax reductions and tax simplification, and leaving itself little by way of contingency.”
Sinclair says that the budget delivers some benefits that will be appreciated by small businesses.
“The budget promises to reduce the small business tax rate from 11 percent to 9 percent over the next four years. In addition, small businesses will be allowed faster write-off of machinery and equipment and an increased Tax-Free Savings Account (TFSA) contribution limit.”
Finance Minister Joe Oliver’s first federal budget in the House of Commons promises to deliver other benefits of interest to business owners:
- Economy expected to grow by 2 per cent this year.
- TFSA annual limit raised from $5,500 to $10,000.
- Accelerated capital cost allowance for industry extended 10 years.
- Interns will be brought under the Canada Labour Code.
The Federal Budget Commentary provided by Millards Chartered Professional Accountants is an 8 page quick reference guide to the budget items that will influence Canadian businesses. Sinclair suggests that most of Millards business clients will find takeaways in the downloadable PDF.
“The Federal Budget Commentary is a quick study of the budget points that directly or indirectly impact businesses in our country. We offer this resource freely to clients and non-clients alike so they have a trusted digest of budget highlights relevant to them.”
Click here to download the 2015 Federal Budget Commentary
Do you have questions about the Federal Budget Commentary or the 2015 Federal Budget? Millards has 7 Southern Ontario locations to serve you. Contact us today and find out more about our wide range of accounting, auditing and assurance services.
Leave A Comment