“This is wonderful news for Niagara, a region with over 12,000 small businesses which employee thousands of local, hard-working, employees.” – Niagara Centre Riding MP Vance Badawey
News from the Niagara Centre Constituency Office of Liberal MP Vance Badawey
Posted October 17th, 2017 on Niagara At Large
Government Responds to Tax Fairness Consultations
Niagara Centre, Ontario – This October 16th, Prime Minister Justin Trudeau and Finance Minsister, Bill Morneau, announced upcoming changes to the small business tax rate. Already the lowest small business tax rate in the G7, the Government of Canada will be lowering the small business tax rate to 9 per cent from its current rate of 11 per cent. The small business tax rate applies to the first $500,000 of active business income.
The Government continues to work on building the economy by helping families and businesses prosper.
(Monday, October 16th’s) announcement builds on previous Government-led initiatives, including raising taxes on the wealthiest one per cent and the implementation of the Canada Child Benefit, which has raised hundreds of thousands of children out of poverty. Thanks in part to these initiatives, Canada is currently experiencing the best economic growth rate in a decade, and the national unemployment rate has reached a nine year low, dropping to 6.2 per cent.
“This is wonderful news for Niagara, a region with over 12,000 small businesses which employee thousands of local, hard-working, employees. Small businesses are at the heart of the Niagara economy, driving innovation, economic growth, and prosperity.
Today’s announcement is great news for the Niagara economy, but it also showcases the valuable role that consultations play in the legislative process. Stakeholders in Niagara Centre shared with me their thoughts on the proposed Federal tax changes, and the Minister listened to these voices, and to the voices of stakeholders from coast to coast to coast. It is through constructive dialogue and the frank exchange of ideas that legislation is strengthened and policy is improved.” – Vance Badawey, Member of Parliament, Niagara Centre
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