What three tax experts expect Ottawa to include in next week’s federal budget

Deputy Prime Minister and Finance Minister Chrystia Freeland delivers the 2023 federal budget speech in the House of Commons last March.. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know. For more from Globe Advisor , visit our

John Waters, vice-president and director of tax consulting services at BMO Private Wealth in Toronto, says one potential change could be increasing the Canada Pension Plan and Quebec Pension Plan survivor’s benefit, which is a monthly benefit paid to the surviving spouse of a deceased CPP/QPP contributor. The federal Liberal Party promised to increase the survivor’s benefit by 25 per cent in its 2019 and 2021 election platforms.

He notes both tax credit ideas were in the recommendations put forward by the House of Commons Standing Committee on Finance in its report on pre-budget consultations. Mr. George says another possible incentive could be an increase in the maximum RRSP contribution limit above 18 per cent of earned income – and an increase in the related dollar limit, which is $31,560 in 2024.

Meanwhile, Mr. Ernewein says there’s a suite of “green” investment tax credits pending from the federal government in areas such as clean technology, carbon capture utilization and storage , clean hydrogen production, clean technology manufacturing and clean electricity.

Source: News Formal (newsformal.com)

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