On March 4, 2010, Federal Finance Minister Jim Flaherty released the 2010 Federal Budget (the "Budget").  The Budget contained a significant amount of tax material in comparison to recent budgets.  Find below the relevant tax measures that are worthy of discussion. 

Further to our blog postings of November 26, 2009 and October 27, 2009, this legislation was finally proclaimed on February 4, 2010 and comes into force on March 1, 2010. 

The tax world moves quickly. This blog entry will highlight a few miscellaneous updates that are of relevance to most of our friends and clients.

Happy belated New Year!  I hope that your holiday season (although it may now seem long forgotten) was a refreshing and wonderful time for you and your families.

Further to our Blog of October 27, 2009, Bill 53 - Professional Corporations Statutes Amendment Act - has received Royal Assent today and is expected to be proclaimed (pursuant to an Order-in-Council) soon. As previously discussed, these long awaited changes allow for common law partners / spouses and children of a professional and/or a special purpose trust (of which minor children of the professional can be the only beneficiaries) to own non-voting shares of a professional corporation.

By Nicolas F. Baass  LL.B., LL.M. (Tax) and Kim G C Moody  CA, TEP

Good news for Alberta professionals who are regulated by the Health Professionls Act (doctors/dentists/chiropractors/optometrists), Legal Profession Act (lawyers), Medical Profession Act and Regulated Accounting Profession Act (accountants).  On October 26, 2009 Bill 53 - Professional Corporations Statutes Amendment Act, 2009 passed first reading in the Alberta Legislative Assembly.  This Bill, if enacted, will have some significant repercussions on how professionals set up their business affairs in order to minimize income taxes.