The Budget confirms the Federal Government’s intention to proceed with the following previously announced tax and related measures, as modified to take into account consultations and deliberations since their release:
- Measures announced on October 3, 2016 to improve fairness in relation to the capital gains exemption on the sale of a principal residence;
- The measure announced in Budget 2016 on information-reporting requirements for certain dispositions of an interest in a life insurance policy;
- Legislative proposals released on September 16, 2016, relating to income tax technical amendments;
- Legislative and regulatory proposals released on July 22, 2016 relating to the Goods and Services Tax/Harmonized Sales Tax; and
- Measures confirmed in Budget 2016 relating to the Goods and Services Tax/Harmonized Sales Tax joint venture election.
The Budget also reaffirms the Federal Government’s commitment to move forward as required with technical amendments to improve the certainty of the tax system.