On May 25, 2015 the House of Commons Standing Committee on Finance launched its pre-budget consultation process, and invited Canadians to participate. Suggestions made by Canadians and the pre-budget report compiled by the Committee will be considered by the Minister of Finance in the development of the 2016 federal budget.
As part of that process, CALU has made a submission to the House Finance Committee renewing our recommendation that a federal tax incentive be implemented to encourage Canadians to become more self-sufficient with respect to their long-term health care needs through the purchase of long term care insurance. CALU is also recommending that the existing federal tax rules in section 84.1 of the Income Tax Act be modified to support the transfer of incorporated small businesses to family members on a tax neutral basis. We have made a request to appear before the Committee to provide more details on our recommendations.