My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions expressed in this blog are written solely in my personal capacity and cannot be attributed to the accounting firm with which I am affiliated. My posts are blunt, opinionated and even have a twist of humor/sarcasm. You've been warned.

Thursday, March 29, 2012

2012 Federal Budget

The Minister of Finance, Jim Flaherty, today presented the 2012 Federal Budget. As with Tuesday's Ontario Budget, there are no personal income tax rate changes. However, there is a significant change to the age of eligibility for Old Age Security ("OAS") which will be pushed back to age 67 from age 65 for anyone who has not yet reached the age of 54 as of March 31, 2012.

There are no corporate income tax rate changes, however, there are various measures related to the Scientific Research and Development Program ("R&D") and taxpayer compliance.

Other than the OAS change for individuals and the R&D changes for corporations, I don't think there is much to get most people excited about in the budget. Thus, I am going to take the lazy way out, and link to my firm Cunningham LLP's budget summary (which I helped write) for those who want details of the budget.

As someone who is just below the OAS age cut-off, I feel like my year of birth, has been a little unlucky. It was bad enough that I was born too late for Woodstock and got stuck with Disco, now I get screwed on the OAS cut-off :).

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.