OTTAWA BEGINS UNVEILING TAX REFORMS, SMALL BIZ TAX RATE GOES TO 9% BY 2019
Oct 16, 2017
By Bob Komsic
The Trudeau government has begun unveiling its tax reform plans, starting with an announcement in Stouffville that the small business tax rate will be cut from 10.5% to 10 % January 1, 2018, and then down another percent to 9% January 2019.
(Nathan Denette / Canadian Press)
The Liberals say they won’t be limiting access to the lifetime capital gains exemption, they do plan to restrict what’s known as ”income sprinkling” — the practice of transferring income from a business owner to a spouse or child who would be taxed at a lower rate.
The government’s reworked tax reform plan was presented to a special caucus meeting Monday morning.
Backbenchers emerged saying they feel satisfied that the government’s listened to their concerns.
Tory leader Andrew Scheer says the prime minister would not have made changes to the government’s plan were it not for pressure from the opposition and small business groups.
Aaron Wudrick of the Canadian Taxpayers Federation told Zoomer Radio’s ” Fight Back” with Libby Znaimer, the Liberals realized they had to back pedal.
The Liberals will be releasing more details throughout the week and Wudrick adds the federation will be watching to see if taxpayers will have more money in their wallets and purses or not after those announcements.