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RSS FeedsFeds to cut small business tax
(The Star Toronto Raptors)

 
 

16 october 2017 18:22:51

 
Feds to cut small business tax
(The Star Toronto Raptors)
 


OTTAWA—Embattled federal finance minister Bill Morneau is poised to announce a small business tax cut, from 10.5 to 9 per cent.Flanked by Prime Minister Justin Trudeau, Morneau is kicking off a week of tax-change announcements.Morneau and Trudeau were to make an announcement at a Main Street pizzeria in Stouffville Monday morning, but word of it was leaked to CTV News Sunday night.Earlier Monday, Morneau briefed a nervous Liberal caucus on the government’s surprise decision to move on the tax cut, first promised in the Liberal platform more than two years ago.The tax cut would be a dramatic move that will take centre stage and is to be followed by smaller adjustments to the other controversial tax proposals that Morneau announced mid-summer. Those included: limiting the ability of incorporated small business owners to shift income among family members to benefit from lower tax rates; limiting their ability to shelter money in passive investments within a corporation; and limiting the ability to convert income into capital gains that would be taxed at a smaller rate.Over the course of the week, Morneau is expected to outline how he intends to respond to the uproar from Canada’s business and professional community over these changes.Liberal MPs, sworn to secrecy, emerged Monday morning to say small businesses, farmers and fishery licence holders would be pleased with the coming changes, and all repeated the line that the government had “listened” to Canadians.They defended the move to act now on a small business tax cut, which had failed to make it into the last two budgets, saying it “was always in our platform.”“For the first time, in a long time, I’ve got a bit of my smile back and feel very, very good about where we’re going to go as a government,” said New Brunswick MP Wayne Long.Long was punished for supporting an Opposition motion to extend the consultation period on the first tax-change pack ...


 
17 viewsCategory: Sports > Ball Sports > Basketball > NBA > Toronto Raptors
 
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