Posted: Thu Jan 10, 2019 6:25 pm Post subject: The Truth about the 2019 business tax reduction to 9%
2019 Brings Lower Taxes for Small Businesses and More Help for Canadian Workers
Dec 24, 2018
Ottawa, Ontario – Every day, in communities all across the country, Canada's small business owners and entrepreneurs work hard to grow their businesses and create the jobs that middle class families rely on. Collectively, small businesses now account for about seven out of 10 private sector jobs.
To support Canada's hard-working entrepreneurs, the Government cut the small business tax rate from 10.5 per cent to 10 per cent effective January 1, 2018, with a further reduction to 9 per cent coming into effect on January 1, 2019.
With this reduction, the combined federal-provincial-territorial average income tax rate for small business will be 12.2 per cent—the lowest in the G7 and the fourth lowest among members of the Organisation for Economic Co-operation and Development. For small businesses, compared to 2017, this will mean up to $7,500 in federal tax savings each year—savings that they can reinvest in purchasing new equipment, developing new products, or creating new jobs. [....]
Sounds good, doesn't it ... although when a statement is released on Christmas Eve you have to wonder ... It is, after all, the party of liars and the Minister of Finance (who forgot his ownership of his European properties) is either a bald-faced liar or tremendously forgetful ... so we won't be surprised to find out the history of this tax cut, and how other tax changes take the benefit away as fast as it was created.
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The Truth about the 2019 business tax reduction to 9%