Federal budget-food for thought

"On February 15, 1984 Finance Minister Lalonde presented to Parliament a budget heavily flavoured with the current consultative mood of the Government. Notably absent from the budget was the typically long list of tax changes of immediate effect. Instead, the bulk of the budget papers consisted of a wide variety of white papers on significant topics that would have a far reaching impact on the future of all Canadians.This month. Tax Notes examines the highlights of Mr. Lalonde's budget.IntroductionThe mining industry need not feel slighted in Finance Minister Lalonde's budget of February 15, 1984: the budget offered very little that would have an immediate impact of significance on any sector of the economy. Apart from some welcome announcements for the oil and gas industry to postpone the implementation of certain negative tax changes, the budget was surprisingly scant in terms of definitive tax proposals.While massive revisions in the rules relating to pensions, small businesses, commodity taxation and profit-sharing were brought forward, many of these proposals are set out in White Papers or other documents to be implemented into legislation only after further consultation. Canadians will accordingly have to wait for such promised benefits as increased RRSP and other pension contribution limits."