Last week, the Department of Finance released its Fall Economic Statement where the Finance Minister highlighted its efforts to support families and the middle class.  Here are the proposals that the Finance Minister mentioned in his Fall Economic Statement speech: 1.    Strengthen the Canada Child Benefit.  Starting July 2018, the government will be making annual cost of living increases to the CCB which is 2 years ahead of schedule.  A single mother of two children making $35,000 will receive $560 in the 2019-20 benefit year towards the cost of raising her children.  2.    Enhance the Working Income Tax Benefit.  There will...
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Finance Minister Bill Morneau announced last October 18th of the Government’s intention to move forward with the tax changes albeit with a few tweaks here and there.  The Finance Minister focused on the tax changes to limit the tax deferral opportunities related to passive investments.  In his statement in New Brunswick, the Finance Minister said that the Government will ensure that a $50,000 threshold on passive income in a year which is equivalent to $1 million in savings based on a nominal 5% rate of return will be made available to provide more flexibility for business owners to hold savings for...
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The Federal Government recently announced that it intends to lower the small business tax rate in the next couple of years. Effective January 1, 2018, the small business tax rate will be lowered to 10% from 11%. And on January 1, 2019, it will go down further to 9%. Note that this small business tax rate applies to the first $500,000 of active business income. As a result of this change, Canada’s combined federal – provincial – territorial average tax rate for small business would be lowered from 14.4% to 12.9%. This average small business tax rate across the country would...
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We came across a very interesting article from Globe & Mail entitled: “How Ottawa’s so-called fair tax proposals could mean a tax rate of 90% for some businesses.” What an outrageous claim, right? Well, as we read the article, the claim turns out to be backed by a publication written by a group made up of a well-respected lawyer, Michael Goldberg of the firm Minden Gross and 2 members of the accounting profession, Mac Killoran and Jay Goodis. The article, written by Tim Cestnick, summarized the paper published by Minden Gross and explained it in a way that everyone can understand....
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