TIGHTENING the legal provisions against inaccurate details of
registration of charitable tax shelters, the Canadian Economic Action Plan,
2012, has proposed stern penalties. The Canadian Finance Minister is reported to
have proposed new GST regime for expanded list of medical devices and
prescription drugs.
To
improve business investment climate in Canada, the New Economic Plan proposes as
follows:
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interim mineral exploration tax credit for flow-through share investors extended
for one more year;
++
the limit of exempted goods imported by Canadian residents returning after 24
and 48 hours absences hiked to 200 and 800 dollars respectively;
++
companies to be allowed time to split eligible dividend payments.
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