The following questions and answers are based on proposed measures that were announced in the 2012 budget on March 29, 2012. Please note that these measures will not become law until they have received Royal Assent.

The CRA will continue to communicate tax changes through its Web site, its forms and publications, its phone enquiries services and other communication channels, as the information becomes available.

In the meantime, consult the Web site of the Department of Finance Canada to find out more.

CRA 2012 Budget News

Individuals

• Group sickness or accident insurance plans - Employer contributions
• Overseas employment tax credit (OETC) - Phase out

Savings and profit sharing plans, compensation arrangements and their beneficiaries

• Registered disability savings plan (RDSP)
• Retirement compensation arrangements (RCAs)
• Employees profit sharing plans (EPSPs)

Businesses

• Split dividend designation and late designations
• Scientific research and experimental development (SR&ED) program
• Hiring credit for small business - Extension

Charities and other qualified donees

• Gifts to foreign charitable organizations
• Transparency and accountability

Related information

• Eliminating the penny from Canada's coinage system