Finance Minister to unveil changes to tax reform proposals

By zaymalz malz

It is understood that Canadian Finance Minister Bill Morneau is expected to outline the changes to be made to the Liberal government’s controversial proposed tax reforms today, following significant and ongoing backlash.

The government has so far failed to fulfil its election promise of lowering the small business corporate tax to 9%, whilst also planning to cut tax provisions used by a number of the country’s small businesses.

This includes the commonly used practice of sprinkling, whereby business owners are able to transfer income to a child or spouse who is then taxed at a lower rate.

See also:

Critiques of the proposed changes have included John Manley and the CEO of Hootsuite, whilst the CFIB recently delivered a total of 14,691 tax petition letters to Ottawa.

As a result, the government is revisiting the proposed tax changes and are reportedly finally going to reduce the small business tax rate to 9% from the current rate of 10.5%, set to be announced by Morneau today, according to CBC.

The move is to try and address the concerns and restore the party’s popularity, having slipped in recent polls as a result of the proposals.


Featured Articles

People over profit is steering business in a new direction

An unsettling few years has resulted in more and more companies hiring Chief People Officers to implement a culture that prioritises employee wellbeing

Databricks: The phenomenal rise of a data and AI heavyweight

Founded a decade ago, Databricks is on a mission to help data teams solve the world’s toughest problems using tools including its Lakehouse Platform

Business Chief expands portfolio with new look and coverage

Business Chief US & Canada launches with fresh new look and extended coverage of the region, with exclusive executive interviews, opinions and insights

Google at 25: The remarkable rise of a technology colossus

Technology & AI

Mind the Gap – fashion retailer Uniqlo targets US market

Corporate Finance

Meet Manish Sharma, the new CEO of Accenture North America

Leadership & Strategy