Federal plans to reduce the small business tax rate and revise its proposed tax reform are welcomed, but more needs to be done according to the Timmins Chamber of Commerce.
Finance Minister Bill Morneau announced yesterday that the government will not limit the Lifetime Capital Gains Exemption, which would have made it difficult to transfer businesses to family members, and that Canada’s small business tax rate will drop from 10.5 per cent to nine per cent by January 1st, 2019.
Timmins Chamber Manager of Policy Nick Stewart says this news is great, but more needs to be done to help businesses through a tax reform.
Stewart says the government should also do an independent, comprehensive review of the federal tax system.
The Timmins Chamber is teaming up with the Canada Chamber to launch a nationwide petition to urge the government to take the time and come up with a better plan that won’t punish entrepreneurs.