Ottawa Eyes Tax Reform, With Small Business Relief a Top Priority
Officials are weighing changes that could simplify the tax code and end boutique credits as small businesses press for relief.
- On Saturday, Secretary of State of Canada Revenue Agency and Financial Institutions Wayne Long announced the government plans to tackle long-awaited tax code reform "one bite at a time," prioritizing changes to support small businesses during pre-budget consultations.
- Long noted the tax code has expanded from "one book thick" to "two books thick," increasing compliance costs; it has been 40 years since Canada last overhauled its tax system under Prime Minister Brian Mulroney.
- Officials are weighing proposals to raise the lower tax-rate threshold to $700,000 to support small businesses longer, while experts suggest simplifying the system by potentially eliminating boutique credits like the tax break on the first $500,000 in earnings.
- Long described the upcoming fall budget as "chapter two" of Prime Minister Mark Carney's efforts to attract investment after a "major international player" conditioned further capital commitments on Ottawa reforming its tax code and governance.
- Dan Kelly, president of the Canadian Federation of Independent Business, warned of an "entrepreneurial drought" facing the country, urging the government to prove seriousness through budget action, while Long acknowledged reform requires striking a difficult political and economic balance.
35 Articles
35 Articles
The Toronto Star
Canada needs tax reform — relieving small business pain might be the first step
OTTAWA - One of Prime Minister Mark Carney's point people on the government's budget consultations says Ottawa plans to tackle long-awaited tax code reform "one bite at a time" and
Canada's tax reform may begin with changes for small businesses, official says
Over a year into Prime Minister Mark Carney's mandate, the Liberal government has implemented several changes to Canada’s tax system. These adjustments aim to address fiscal strategies while responding to evolving economic conditions. Further details on the specific changes have not been disclosed.
Canada’s tax reform could start with small business changes: official
One of Prime Minister Mark Carney’s point people on the government’s budget consultations says Ottawa plans to tackle long-awaited tax code reform “one bite at a time” and changes for small businesses are high on the priority list. The Canadian Press spoke to a number of tax experts and advocates in recent weeks who all agreed that major reform to simplify and improve Canada’s tax system is long overdue. They get little argument from Wayne Long,…
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