Summary of 2013 Federal Budget Proposals

Posted: July 29, 2013

Changes Affecting Individuals

Lifetime Capital Gains Exemption (LCGE)

First-Time Donor’s Super Credit (FDTC)

Dividend Tax Credit for Non-Eligible Dividends

Before 2013 After 2013
NE Dividends 100 100
Gross Up 25 18
Grossed-up Dividends 125 118
Top Federal Tax Rate 29% 29%
Federal Tax on Dividends 36.25 34.22
Dividend Tax Credit (16.67) (13.00)
NET TAX 19.58 21.22

Deductibility of Safety Deposit Fees

Adoption Expense Tax Credit

Changes Affecting All Taxpayers

Accelerated CCA on Manufacturing and processing machinery and equipment

Reserve for Future Services

Changes Affecting Corporations

Corporate Loss Trading

Changes Affecting Trusts

Graduated Rate Taxation of Trusts and Estates

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