A new federal tax proposal was announced on 18th of July 2017 by the Finance Minister and it could have a chance of uncertain consequences for small businesses and enterprises (SMEs). The Canadian Federation of Independent Business (CFIB) has increased its concerns regarding potential tax changes. The Government thinks that some changes are being used to gain unfair tax facilities like the transforming of a private corporation’s income into capital gains, the passive investments holding in a corporation and an intention of income scattering among family members.
Related Posts
Canada: Parliamentary Budget Officer says AMT changes to cut income tax revenues by CAD 598m
November 14, 2024
The Canadian Parliamentary Budget Officer (PBO) has presented updates on 7 November 2024 regarding Canada's Alternative Minimum Tax (AMT) changes outlined in the 2024 Budget. Budget 2024 introduced amendments to the Alternative Minimum Tax (AMT)
Read More Canada, Ecuador conclude fourth round of FTA negotiations
November 12, 2024
Ecuador’s Ministry of Production, Foreign Trade, Investment, and Fisheries announced that Ecuador and Canada have successfully concluded their fourth round of negotiations for an FTA on 25 October 2024. This meeting, which took place in person
Read More Canada: Alberta sues Federal Government over carbon tax exemption for heating oil
October 30, 2024
Alberta, Canada's leading oil-producing province, has sued the federal government over its carbon tax exemption for home heating oil, claiming the exemption is unconstitutional and unlawful. Premier Danielle Smith, leader of the United
Read More Canada: Nova Scotia lowers harmonised sales tax rate
October 30, 2024
The Department of Finance of Nova Scotia, Canada, announced that it lowered its harmonised sales tax (HST) rate, by 1%, to 14%. The new HST rate will go into effect on 1 April 2025. Nova Scotia’s HST combines the provincial value-added tax
Read More Canada eases surtax on Chinese imports
October 28, 2024
Canada’s Department of Finance announced new relief measures on 24 October 2024, allowing Canadian importers of Chinese steel, aluminium products, and EVs to request remission of surtaxes under certain conditions for a limited time. This
Read More Canada updates rules for paying non-residents for services
October 21, 2024
The Canada Revenue Agency (CRA) released an updated guide – T4A-NR – Payments to Non-Residents for Services Provided in Canada – for those who make payments to non-resident individuals, partnerships, or corporations for services rendered in
Read More