Dear Client:

Attached here is the Chartered Professional Accountants of Canada Federal Budget Commentary.

The commentary provides an overview primarily of proposed taxation changes contained in the budget.

Of course spending was a big part of the budget. The Commentary does not review spending proposals unless they involve payments that will be administered by Canada Revenue Agency such as the new Canada Child Benefit.

Special Note

Proposed changes to the Small Business Deduction limit will negatively affect many professionals that have incorporated their practices. These changes are discussed on page 4.

Essentially the Small Business Deduction limit of $500,000 will have to be shared by all professionals operating as “partners” within a common practice/business.

This change is effective for year-ends commencing after March 21, 2016

As always if you have questions please contact our office.

Best Regards,

JIM M. SMITH CHARTERED ACCOUNTANT INC.

P.S. Happy Easter to all celebrating this event!