News in brief: A look at news, facts and figures shaping the world of payroll professionals

Draft income tax legislation would implement budget proposals • Manitoba WCB to review assessment rate model • Quebec employers expect 2014 raises to mirror 2013: Employers Council • 2011 census data shows Ottawa-Gatineau region has highest median family income: StatsCan • Canadians with more than $1 million better off today than pre-recession: BMO • Number of Ontario minimum wage earners more than doubles in 8 years: Study
|Canadian Payroll Reporter|Last Updated: 11/11/2013

Draft income tax legislation would implement budget proposals

OTTAWA — Draft amendments to the Income Tax Act have been released by the Ministry of Finance that would implement some of the proposals put forward in this years federal budget.

The draft legislation includes a proposal to phase out the federal tax credit for labour-sponsored venture capital corporations (LSVCCs) over the next few years. When calculating federal income tax deductions, payroll practitioners subtract the LSVCC tax credit for the year, if applicable, from an employee’s annual basic federal tax.