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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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Here are the other Business Income Tax Measures proposed in the Federal Budget 2017: ·         Meaning of Factual Control; A recent court decision held that, in order for a factor to be considered in determining whether factual control exists, it must include “a legally enforceable right and ability to effect a change to the board of directors or its powers, or to exercise influence over the shareholders who have the right and ability.” This requirement limits the scope of factors that may be taken into consideration in determining whether factual control of a corporation exists. Budget 2017 proposes that the Income...
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Here are the Business Income Tax Measures proposed in the Federal Budget 2017: ·         Investment Fund Mergers - Merger of switch corporations into mutual funds:  Budget 2017 proposes to extend the mutual fund merger rules to facilitate the reorganization of mutual fund corporation that is structured as a switch corporation into mutual fund trusts on a tax-deferred basis. ·         Investment Fund Mergers – Segregated fund mergers:  Budget 2017 proposes to allow insurers to effect tax deferred mergers of segregated funds.  ·         Clean Energy Generation Equipment – Geothermal Energy:  Budget 2017 proposes 3 changes – that eligible geothermal energy equipment under Classes...
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Small Business Deduction:  Budget 2016 proposes measures to address concerns about partnerships and corporations that multiply access to the small business deduction. Budget 2016 proposes to extend the specified partnership income rules to partnership structures in which a CCPC or Canadian controlled private corporation provides (directly or indirectly, in any manner whatever) services or property to a partnership during a taxation year of the CCPC where, at any time during the year, the CCPC or a shareholder of the CCPC is a member of the partnership or does not deal at arm’s length with a member of the partnership. Budget 2016...
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