One of the most significant features of the 2010 federal budget papers is the announcement that the government would review the taxation of corporate groups and reconsider the virtues of consolidated reporting.

"It's been out there once before but that was way back in the late ‘70s," says Elinore Richardson, a partner in Tax Group in the Toronto office of Borden Ladner Gervais LLP.

"A lot of tax planning in Canada stems from the absence of a consolidated reporting mechanism," says Elinore. “So the government's intention to review the issue may be the most significant thing to come out of this budget in terms of changing the way corporate Canada carries on business."

But, if change is forthcoming, it's not immediate. "Changes are at least nine months to a year off," says Elinore.