OTTAWA – A look at some unusual items included in Finance Minister Jim Flaherty’s budget, delivered Tuesday:
Bitcoin to be regulated
They may be virtual money, but they are going to come under real-life laws.
The government plans to bring virtual currencies such as the Bitcoin under the provisions of the money-laundering and anti-terrorism financing regulations.
“It is important to continually improve Canada’s regime to address emerging risks, including virtual currencies such as Bitcoin, that threaten Canada’s international leadership in the fight against money laundering and terrorist financing.”
Online casinos will also be subject to these rules.
Cars won’t count
People looking for student loans won’t have to include their cars in their need assessments when seeking Canada Student Loans.
The budget says taking the vehicles out of the assessment will simplify the process.
It also says that about 19,000 car-owning students will benefit to the tune of about $14.8 million over the next two years.
Diabetes dogs to make the list
Diabetes dogs, which can detect changes in their owner’s blood-sugar levels and raise an alarm if needed, are getting a tax break.
Well, the owners will actually benefit from a budget proposal that would expand the list of eligible expenses under the medical expense tax credit to include the costs of such a dog.
The budget will also exempt the professional services of acupuncturists and naturopaths from the GST-HST.
Good news for fish
Fish and the people who catch them are getting $15 million in the budget.
The money is fin-marked for recreational fisheries partnerships, which help improve fishing areas.
For example, provincial groups can apply for grants to clear streams and improve fish habitats.
Get out your snowmobiles
The budget allots $10 million over two years to improve and expand snowmobile and all-terrain-vehicle trails across the country.
Previous budgets allocated $25 million, which covered almost 500 trail-improvement projects.
No more duty-free for the G-G
A longstanding special section of the customs law exempted items imported for the use of the Governor General from duties, but no more.
The budget removes that exemption.
Last year’s budget wiped out an exemption in the Excise Act that said no GST or HST was payable on purchases intended for the Governor General’s use.
It noted at the time, however, that the Governor General voluntarily paid the GST-HST on his personal purchases.
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