Federal Budget Report 2013

March 21, 2013

HIGHLIGHTS
  • Deficit of $25.9 billion for 2012-13
  • Projected deficit of $18.7 billion for 2013-14
  • Tax rate on ineligible dividends increased
  • Capital gains exemption to increase
  • Several “tax loopholes” closed

On March 21, 2013, the Honourable Jim Flaherty tabled his eighth budget as Minister of Finance. Carrying on with the theme of his last budget, today’s budget focused on sound fiscal management, long-term growth and closing so-called “tax loopholes”.

The federal government is now predicting a deficit for the 2012-13 fiscal year of $25.9 billion, which is up from the deficit of $21.1 billion predicted in last year’s budget. The deficit for the 2013-14 fiscal year is projected to be $18.7 billion and a balanced budget is still planned for 2015-16.

Download our federal tax report

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