- The Government will undertake a review of the tax system in the next year in order to eliminate inefficient tax measures.
- To postpone any further reduction in the tax rate on business income.
- Introduce an exemption from income tax in respect of capital gains on certain private equity or real estate corporations, where receipts are donated by a registered charity within 30 days.
- Canada Revenue Agency will lead the fight against tax evasion.
- The money will be used to hire additional auditors and experts to develop robust business intelligence infrastructure.
- It will also be invested in improving the ability to collect outstanding tax debts.
- The Government will implement a number of recommendations made by the Organization for Economic Cooperation and Development.
- New legislation to strengthen the transfer pricing documentation, demanding accountability from large multinational corporations will be presented.
The budget was provided by the Minister of Finance Bill Morneau on March 22, 2016. The government has invested about 339.6 million dollars to the Canadian Revenue Agency.
The measures included in the budget: