Budget 2017: Budget season is upon us again

On March 22, 2017, the Canadian Minister of Finance introduced the Federal Budget for 2017-18. This plan is to build a world leading, innovation economy, create jobs, and grow the middle class. What will change, from a payroll stand point?

  • Income Taxes: Distributing electronic T4 information slips without express consent. This will make getting your T4 easier and faster.
  • Caregiver Credit: Simplifying the existing system of tax measures for caregivers by replacing the existing caregiver credit, infirm dependant credit and family caregiver tax credit with a new Canada Caregiver Credit.  This will better support to those who need it most. https://www.budget.canada.ca/2017/docs/plan/chap-04-en.html#Toc477707488
  • Tuition Tax credit: Extending the eligibility criteria for the tuition tax credit to fees for an individual’s tuition paid to a university, college or other post-secondary institution in Canada for occupational skills courses that are not at the post-secondary level.  https://www.budget.canada.ca/2017/docs/plan/chap-01-en.html#Toc477707307
  • Employment Insurance Benefit: Allowing women to claim EI maternity benefits up to 12 weeks before their due date—expanded from the current standard of eight weeks—if they so choose.
  • Creating Employment Insurance benefits for caregivers of up to 15 weeks.
  • Adding a second option for Parental EI benefits over a period of up to 18 months at a lower benefit rate of 33 percent of average weekly earnings. EI parental benefits will continue to be available at the existing benefit rate of 55 percent over a period of up to 12 months.  https://www.budget.canada.ca/2017/docs/plan/chap-01-en.html#Toc477707320
  • Modernizing the Canada Labour Code, which includes the right to request flexible work arrangements, strengthened enforcement measures and a limit on unpaid internships in federally regulated sectors : https://www.budget.canada.ca/2017/docs/plan/chap-01-en.html#Toc477707320

Genevieve Bessette / Payroll Administrator / PEO Canada

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