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ARTICLE · 27 APRIL 2015

Highlights Of Canada's 2015 Federal Budget

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The federal budget tabled on April 21, 2015 (Budget 2015) contains a number of proposed amendments to Canada's Income Tax Act (the Tax Act).

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The federal budget tabled on April 21, 2015 (Budget 2015) contains a number of proposed amendments to Canada's Income Tax Act (the Tax Act). This bulletin focuses on (i) business income tax measures, (ii) international tax measures and (iii) other proposed tax measures.

Business Income Tax Measures

Reduction of the Small Business Tax Rate

A corporation that is a Canadian-controlled private corporation throughout the taxation year is entitled to a small business deduction that effectively results in its first $500,000 of active business income being subject to federal tax at 11%. Budget 2015 proposes to further reduce the federal tax rate on the first $500,000 of active business income to:

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