Finance Minister Bill Morneau delivered the government’s 2019 federal budget on March 19, 2019.
The budget expects a deficit of $14.9 billion for fiscal 2018-2019 and forecasts deficits of $19.8 billion for 2019-2020 and $19.7 billion for fiscal 2020-2021.
Although the budget does not include any personal or corporate tax rate changes, it did include several measures affecting corporate and personal taxpayers. Among other notable changes, the budget announces a $200,000 annual cap on employee stock option grants that may receive tax-preferred treatment. While the budget indicates that the cap applies for employees of certain "large firms", it did not include full details on this measure and noted that Finance plans to release further details before the summer of 2019.
Download this edition of the TaxNewsFlash (PDF 141 KB) to learn more.
© 2020 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.