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Keyword: Small business

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Tax reduction and deduction for businesses and individuals. Concept with hand turning knob to low taxation rate. Return form, exemptions, incentives.

Basic personal amount would increase, and small biz tax rate would drop while threshold would increase to $700K

rules and regulations

Accumulating rules reduce output, hit larger firms harder

Piggy bank on calculator

However, some businesses have yet to see much impact from the tax break

NFIB’s small biz optimism index rises to its highest reading since June 2021

parliament hill

Feds boost SR&ED, renew accelerated investment incentive

House of Commons in Ottawa

Groups urge feds to launch a formal review of the Income Tax Act

Many businesses remain shut out of tax break on increased capital gains inclusion rate

House of Commons in Ottawa

Clarifications concerning the capital dividend account are welcomed by tax practitioners

Tread carefully

A company could face 60% tax on unintentional payout of excess amounts from its capital dividend account

Two happy carpenters shaking hands with senior customer after successful agreement in a workshop.

Federal government passed new rules and incentives for EOTs in June