Federal Budget 2009

January 28, 2009

WBLI CHARTERED ACCOUNTANTS – 2009 FEDERAL BUDGET COMMENTARY

WBLI Chartered Accountants are pleased to attach our 2009 Federal Budget Commentary which is a collaborative effort of the Canadian Institute of Chartered Accountants and our Tax Department.

WBLI 2009 Federal Budget Commentary

Some of the highlights you may wish to review are:

*            Federal Small Business Limit Increased to $500,000

*            Capital Cost Allowance Changes for Manufacturing and Processing Equipment

*            Capital Cost Allowance Changes for Computer Hardware and Software Systems

*            Personal Tax Reductions Through Tax Credit And Tax Bracket Increases

*            Home Renovation Tax Credit

*            First-time Home Buyer’s Tax Credit

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Opposition leader Michael Ignatieff at a news conference at 11:00 am Eastern time today commented that they would introduce potential amendments to the Budget that would require the Conservatives to release regular status reports on the economy.  The amendment will force the government to provide reports updating its progress on implementing a stimulus plan in March, June, and December.  Mr. Ignatieff said each report will provide the Liberals with an opportunity to withdraw support of the government if progress is deemed unacceptable.

“We will be watching like hawks” was what Mr. Ignatieff told reporters.

The amendments will be introduced into parliament this afternoon.

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Should you require further information or would like to discuss any of the topics contained in the 2009 Federal Budget, please contact our Tax Group at 835-7333.

Also, please find attached the slide show presentation from the WBLI CHARTERED ACCOUNTANTS FEDERAL BUDGET PRESENTATION which was held on Wednesday, January 28, 2009 at Brightwood Golf & Country Club, Dartmouth, NS and the Holiday Inn, Truro, NS.

2009 Federal Budget WBLI Presentation