A new year with new changes for how small businesses are taxed.January 30, 20191 min read
The only thing surer than death and taxes, might be the annual changes and adjustments to the way small businesses are taxed in Canada. New restrictions, and rates can have positive and negative impact on business owners and their companies.
This coming year, changes to Employment Insurance and the Canada Pension Plan could make the bottom line of some small businesses tighter. However, the overall corporate tax rate applicable to many small businesses in Ontario has fallen to 12.5%. We may see more money going back in the pocket of owners or their growing companies.
“We know that the average small business owner doesn’t know a lot about these changes.” Bill Moreau, Minister of Finance
There are a lot of changes to the current system this year; as small business owners prepare to file, it is in their best interest to contact an expert. The government itself has even admitted that some businesses might not be fully up to speed, that’s where our team can help!
Cleo Melanson, Tax Partner at Freelandt Caldwell Reilly LLP practices in the areas of tax and owner-managed businesses. To contact Cleo, simply click here to arrange an appointment regarding this topic.