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Basic personal amount would increase, and small biz tax rate would drop while threshold would increase to $700K
Accumulating rules reduce output, hit larger firms harder
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
Feds boost SR&ED, renew accelerated investment incentive
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
Clarifications concerning the capital dividend account are welcomed by tax practitioners
A company could face 60% tax on unintentional payout of excess amounts from its capital dividend account