The Finance Minister’s 2013 Federal Budget Tax Measures were just announced on Thursday March 21st. For owner-operated facilities, there are several provisions in the budget that may be of particular interest. It is proposed that the life-time capital gains exemption be increased, which will have the effect of increasing the amount of potential tax-free proceeds that may be received on sale of a business or property. On the other hand, the proposal to change the taxation of dividends may result in increased cost in distributing profits to individual owners.

Read our full 2013 federal budget tax law alert. Please see page 6 for the information on Lifetime Capital Gains Exemption and Dividend Tax Credits.

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Seniors Residential and Long-Term Care Operators