The new federal budget includes several measures that target the cornerstone of the Canadian economy: small and medium sized enterprises (SMEs). How will the new budget affect you and your business?
The restrictions on income splitting introduced in 2017 and the new passive investment income rules from this year’s budget legislation are the most significant developments that will put pressure on many businesses to make adjustments to their structure and operations. A reduction in the small business tax rate will provide some relief, while other changes may require close attention from you and your tax team.
SMEs are very important to the Canadian economy, meaning that the policy changes incorporated in this budget can have far-ranging consequences.
As a business owner, you are a leader in your corporation and your community. Your objective may be seeking meaningful, effective tools for protecting your employees, growing your business, supporting your communities and effectively funding your own retirement.
Grant Thornton works with SMEs to manage challenges and realize opportunities – to help business owners navigate through these tax measures in this new environment.
To review the full impact of Budget 2018, see the Grant Thornton executive briefing.