A preview of things to come?
CIM Bulletin, Vol. 73, No. 815, 1980
ROBERT D. BROWN, F.C.A., Senior Tax Partner Price Waterhouse & Co.
The Conservative Government's budget proposals brought forward on December 11, 1979 have been withdrawn, but they are far from dead. On the contrary, a number of those budget proposals, especially the ones which would close loopholes and result in other technical changes being made to the Income Tax Act, should be considered to be alive and well.It is not unreasonable to expect the next government, of whatever political persuasion, to reintroduce many of these technical changes in the next federal budget. For that reason, last December's budget may have offered an interesting preview of what the mining industry and other taxpayers can expect in 1980. It is quite possible that some of these changes may be effective as of the original dates announced in the withdrawn budget proposals.This month, "Tax Notes" reviews the main provisions of Mr. Crosbie's December, 1979 budget, with a primary focus on the changes that would have affected the resource sector.It must be emphasized that all of the budget proposals discussed herein have been withdrawn, that none of them are law and that any actual changes in our tax rules will have to be dealt with by the new Parliament that will be assembled following the February 18 election.