Government Moves to Reduce Small Business Tax Rate and Support Fairness for the Middle Class

The Department of Finance today announced its intention to lower the small business tax rate to 10%, effective January 1, 2018 and 9%, effective January 1, 2019.

Included in today’s release, the Department of Finance announced:

– its intention to simplify the proposals with respect to income sprinkling, and
– it will not be moving forward with the proposed measures to limit access to the Lifetime Capital Gains Exemption.

Later this fall, the Government will release revised draft legislation outlining its proposed changes.

Please click on link below for the full details on today’s release from the Department of Finance.
http://www.fin.gc.ca/n17/17-097-eng.asp

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