Small Business Snippets From The 2017 Federal Budget

Courtesy of the CFIB here are a couple of nuggets in the 2017 Federal Budget for small business:

No plan in sight to balance the federal budget
  • With the Budget announcing significant estimated deficits of $28.6 billion, the possibility for tax rate reductions for small businesses in the near term appears to be slim.

  • CFIB is urging the government to introduce a plan to get back to a balanced budget and deliver on their election promise to reduce the small business tax rate to 9% by 2019.
No Change to Capital Gains Inclusion Rate & other tax changes coming 
  • Despite months of wide speculation that the capital gains inclusion rate would be increased, it will remain at 50%.

  • Tax benefits for small business are under the microscope, as the government is reviewing several important tax measures that they suggest may “inappropriately reduce personal income taxes of high-income earners” over the coming months.

  • CFIB has been actively contributing to consultations and committee hearings on these issues and will continue to press the government on making sure tax fairness includes small business owners.

The Liberals are not interested in balancing the books and I find it troubling they have no plan in place to do so.

Good news on the capital gains tax. It should be way lower if not at zero but I'll take freeze.

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