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Notice of Ways & Means - all kinds of
credits...
October 17, 2025
http://www.fin.gc.ca/news06/06-057e.html
The
measures in the Notice of Ways and Means Motion
were
introduced in Budget 2006 but were not
included in the
Budget Implementation Act, 2006.
The Notice follows draft
legislative proposals
released for public comment this
summer (News
Release 2006-042) regarding the following
income
tax measures:
The new Canada Employment Credit.
The new Textbook Tax Credit.
The new tax
credit for public transit passes.
The new
deduction for tradespeople’s tool expenses.
A
complete exemption for scholarship income received
in
connection with enrolment at an institution
which qualifies
the student for the education tax
credit.
The new Children’s Fitness Tax Credit.
A doubling, to $2,000 from $1,000, of the amount
on which
the pension income credit is calculated.
An extension of the $500,000 lifetime capital
gains
exemption, and various intergenerational
rollovers, to
fishers.
The new Apprenticeship
Job Creation Tax Credit.
A reduction of the
current 12 per cent small business tax
rate to 11.5
per cent for 2008 and to 11 per cent
thereafter.
An increase, to $400,000 from $300,000, of the
amount that
a small business can earn at the small
business tax rate,
effective January 1, 2007.
A reduction of the minimum tax on financial
institutions.
The Notice of Ways and Means Motion
also proposes to
implement the Budget 2006 measure
to lower the income tax
rate on large corporation
dividends received by Canadians,
making investments
in shares of corporations more
attractive (News
Release 2006-028). In addition, the
Notice
implements the proposals in Budget 2006 to
reduce excise
duties for Canadian vintners and
brewers, which follows
draft legislative proposals
released for public comment
this summer (News
Release 2006-027).
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Eileen Reppenhagen CGA does
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