Slowly but surely–the feds are coming out with details concerning changes they’re making to their initial idea on tax changes.
There has been a lot of concern—because those ideas would have hit farmers and small business people with huge hikes….
Here’s what Prime Minister Justin Trudeau had to say :
“Beginning January 1st, we intend to lower the small business tax from the current 10.5-percent—to 10 percent. We intend to bring it down even further–to 9-percent–as we promised during our election campaign. That will kick in—January 1st of 2019. This tax cut will support Canada’s small businesses–so they can keep more of their hard earned money. Money they can invest back into their businesses, their employees and their communities.”
Now—what about farmers?:
“As part of our consultations–we also heard from many of Canada’s hard working entrepreneurs—including farmers and fishers. Many expressed concern that changes to the Lifetime Capital Gains Exemption rules–would make it more difficult for them to pass their family business on to their children. We believe that after working hard to build a successful family business, no mom or dad or grandma or grandpa–should be forced to choose between a decent retirement–and keeping the business in the family. For this reason—we will NOT be changing the Lifetime Capital Gains Exemption rules. And further–we will continue to work with farmers and fishers and entrepreneurs to ensure they can pass on their businesses to the next generation.”