2015 Canadian Federal Budget Summary

• The budget proposes to increase the Tax-Free Savings Account annual contribution limit to $10,000, effective 2015;
• The budget proposes to reduce the minimum annual withdrawal amount for Registered Retirement Income Fund holders, effective 2015;
• The budget proposes to increase the Lifetime Capital Gains Exemption applicable to capital gains realized on the disposition of qualified farm or fishing property to $1 million, applicable to dispositions after April 20, 2015 ; and
• The budget proposes to decrease the federal small business tax rate to 9% by 2019.