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Ontario announces small business tax cuts

In mid-November, Ontario Finance Minister Charles Sousa announced a new small business tax cut and incentives to hire young workers during his fall economic statement. The announcement comes as small companies struggle to cope with elevated business costs and worry about the province’s impending minimum wage increase. Indeed, business lawyers in Ontario have been busy of late managing their clients’ many concerns. The announced changes will cut the corporate tax rate on the first $500,000 of profit from 4.5 per cent to 3.5 per cent, effective January 1. Additionally, small businesses employing fewer than 100 people will receive a $1,000 incentive...

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The federal government announces revisions to tax plan

Earlier this month, we covered the Liberal Party of Canada’s new tax plan and outlined how the proposed changes could affect entrepreneurs and Ontario business lawyers. We also noted that Finance Minister Bill Morneau seemed open to revising the plan amid an uproar from business owners who feared their tax burdens would increase. In the weeks following that post, the Liberals stayed true to Morneau’s word and developed several revisions to the plan. Here’s what you need to know: Small business tax cut On Monday, October 16, Trudeau and Morneau appeared at a news conference in Stouffville, Ontario to announce revisions aimed at...

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How will Ottawa’s proposed tax changes affect businesses?

In mid-July 2017, the federal Liberal Party announced tax changes aimed at ‘improving fairness in the tax system by closing loopholes and addressing tax planning strategies.’ This plan consists of: a middle class tax cut affecting roughly nine million people; a new Canada Child Benefit to alleviate child poverty; legislative action to ‘enhance the integrity of Canada’s tax system’; and, renewed investment in the Canada Revenue Agency’s efforts to improve upon tax compliance measures. Since the government’s announcement, professionals, tax planners and business lawyers have been debating the potential negative impacts of the proposed changes upon Canadian businesses. The plan contains...

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