ARTICLE · 17 OCTOBER 2017

Changes To The Tax Proposals Announced

Crowe Soberman LLP

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On October 16, 2017, Finance Minister, Bill Morneau, announced a cut to the small business corporate income tax rate as well as a few minor changes and tweaks to the tax proposals...

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Crowe Soberman'S Tax Group

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On October 16, 2017, Finance Minister, Bill Morneau, announced a cut to the small business corporate income tax rate as well as a few minor changes and tweaks to the tax proposals originally released in mid-July. While the announcement was short on specifics, it appears that the government is getting close to moving ahead with many of its originally proposed measures, even though, in our opinion, they continue to be fraught with issues, unnecessary complexities and ambiguities.

The new changes and measures announced include:

A reduction to the Federal small business corporate income tax rate from 10.5 per cent to 10 per cent effective January 1, 2018 and to 9 per cent effective January 1, 2019.

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