Finance introduced proposed legislation to reduce Canada’s small business tax rate.
The update, which was released October 24, 2017, also makes consequential adjustments to the dividend tax credit rate and enhances the Canada Child Benefit, among other changes. Finance recently announced that it would reduce its small business tax rate along with other changes it intended to make to its proposals on the taxation of private companies. This update reaffirmed Finance’s intentions to clarify and cancel certain aspects of these proposals, but it did not provide any further information.
Download this edition of the TaxNewsFlash to learn more.