Canada Lower House Considers Bill to Implement Budget Tax Measures Tabled in November

The Canadian House of Commons Nov. 18 accepted for consideration Bill No. C-15, to implement tax measures tabled from the budget in November. The bill includes measures to: 1) increase, to C$1.25 million (US$886,736) of eligible capital gains from C$1 million (US$709,389), the Lifetime Capital Gains Exemption limit; 2) exempt the first C$10 million (US$7.1 million) in capital gains on a business sale to a worker cooperative; 3) increase the annual expenditure limit and taxable capital phase-out thresholds for the enhanced 35 percent Scientific Research and Experimental Development (SR&ED) tax credit; 4) extend, to March 31, 2027, from March 31, ...