What the 2016 Federal Budget Means for High Net Worth Canadians [Video]

On Tuesday March 22nd, the Federal government released its much-anticipated 2016 Federal Budget. On the heels of a Justin Trudeau and Liberal government victory, high net worth Canadians have been wondering how this government’s budget and future deficits would affect them personally.

The Honourable Bill Morneau, Minister of Finance, tabled his first budget, “Growing the Middle Class,” which is expected to show a deficit of $29.4 billion in 2016-2017.

At HighView, we have reviewed the budget and wish to share some of the key changes that high net worth clients and business owners must plan for with the help of their professional advisors.

In our video below, we explain some key items from the budget, including:

Personal Tax Measures

1. Elimination of income splitting tax credit.
2. Elimination of the proposed donation of private company shares and real estate.
3. Elimination of the advantage of corporate class funds (or “Switch Fund Shares”).
4. Old Age Security moving back to 65 (not 67).

Business Income Tax Measures

1. Small business tax rate.
2. Small business deduction restrictions.

We also discuss a few tax bullets high net worth Canadians dodged in the new budget.

Watch the video now for the full examination of these issues!

At HighView, we take a keen interest in our government’s actions and how they can affect our clients. We hope this video is informative and helpful to our clients and their professional advisors in the wake of the new budget.

HighView is an experienced boutique investment counselling firm for affluent Canadian families and foundations. We would be happy to discuss our goals-based investment approach with you and your professional advisors.

Click here to watch more videos from HighView.

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