Belleville Chamber of Commerce Executive Director Jill Raycroft, (File photo: Mary Thomas/Quinte News)
Belleville Chamber of Commerce welcomes the lowering of the federal tax rate for small businesses announced this week but there are still some issues.
The federal government intends to lower the small business tax rate to 10%, effective January 1, 2018, and to 9%, effective January 1, 2019.
Belleville Chamber of Commerce Executive Director Jill Raycroft says she knows “It’s an effort to quell discussions on other tax issues…”
She looks on it positively .
Raycroft says, “it’s particularly difficult for small business such as doctors and farmers who aren’t able to withdraw money from RRSP or other things to keep their businesses afloat.”
To support this change, the Government says it will take steps to ensure that Canadian-controlled private corporation (CCPC) status is not used to reduce personal income tax obligations for high-income earners rather than supporting small businesses.
