How does good record keeping save you money as a business owner? https://t.co/yjeFX6GBYO
Tax Changes for Private Corporationsin Canadian Government News and Updates
- Revision of Gross Up rate for non-eligible dividends: from 17% for 2017 to 16% for 2018 and 15% for 2019 and later years;
- Revision of the tax credit for non-eligible dividends: from 21-29ths of the gross-up in 2018 to 8/11ths in 2018 and 9-13ths in 2019 and later years;
- Increase the small business deduction: from 17.5% in 2017 to 18% for 2018 and to 19% for the 2019 and subsequent taxation years;
- Move forward on restricting income sprinkling effective 2018 and subsequent years. A revised draft legislation will be released soon;
- Limit the benefit of investing passively in private corporations including an annual threshold of $50,000 of passive income;
- Not move forward with the proposed measures to limit access to the Lifetime Capital Gains Exemption and the proposed measures relating to the conversion of income into capital gains;
- Ensure that farmers and fishers are not inappropriately denied the small business deduction on income from sales to a cooperative.
- Highlights of the Fall Economic Statement by the F...
- Reported Clawbacks on the Disability Tax Credit