The Federal Government’s 2018 Budget touts Canada’s strong economic growth over the past two years, including real GDP growth of 3.2 per cent since the second quarter of 2016, an unemployment rate of 5.9 per cent, and significant improvements in average weekly earnings, consumer confidence, and household consumption. The Finance Minister expects similar growth in the near-term. In addition, federal revenues increased by more than 11 per cent in 2017, largely from personal and corporate incom...
Following changes to the taxation guidelines implemented by the Federal Government, the 2018 budget now reflects provisions designed to fund the implementation of the tax reform initiative. Perhaps most popularly, business owners are to carry a huge chunk of the burden as corporate taxes soar. But are the changing taxation guidelines merely a boon and unnecessary hurdle to the small- and medium-sized business sector?
Has your small to medium-sized business been taking advantage of the “tax loopholes”, as described by the CRA and the Department of Finance in the past, in order to shield your income from high levels of taxation? The latest changes to Canada’s taxation guidelines can affect your financial practices. The Department of Finance, has in its own mind, designed these proposals to enable a stronger, more fair and efficient economy which benefits all Canadians. Aft...
