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2012 Budget Summary
Greetings!
 

We are sending you a brief email outlining some of yesterday's 2012 Federal Budget highlights, we thought may be of interest. 
We have included summarys, from two Tax and Estate experts in our industry, that focus on specific budget elements that could substantially impact Canadians' personal finances and investments.  
Please feel free to contact us with any comments or concerns you may have.

All the best,

Karen and Richard

Federal Budget 2012 summary
 
with Doug Carroll

 

 

 

Doug discusses the
impact of the government's proposed tax changes.

 

 

 

 

 

 

 

 

 

 

 

Topics include:

         OAS/GIS eligibility raised to age 67

         Added flexibility for RDSPs
(Registered Disability Savings Plans)

         More stringent rules to be applied to RCAs
(Retirement Compensation Arrangements)

         Goodbye penny

 

View the Video Presentation of Doug 2012 Federal Budget summary.

 

You can also read, print or download his summary.

Additional Budget News: 

 

TRAVELLERS' EXEMPTIONS

 

Canadians returning from a trip abroad currently qualify for an exemption that allows them to bring back goods valued up to a specified dollar limit without having to pay duties or taxes, including GST/HST or provincial sales and product taxes.

 

The 2012 federal budget proposes to increase the travellers' exemption to $200 from $50 for returning Canadian residents who are out of the country for 24 hours or more. The budget also proposes to increase the exemption levels for travellers who are out of the country for 48 hours or more to $800, replacing both the current 48-hour exemption of $400 and the current 7-day exemption of $750.

 

There will continue to be no duty or tax exemptions for absences of under 24 hours. Note that the volume limits and quantity limits on the amount of alcohol and tobacco products you can bring back remain unchanged.

 

These measures will be effective for travellers returning to Canada on June 1, 2012 or thereafter.

 

Taken from Jamie Golombek, Managing director of Tax and Estate Planning at CIBC

 

"Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give." 

-- William A. Ward