The Canadian Federation of Independent Business is welcoming the federal government’s decision to reinstate its election promise to reduce the small business corporate rate from 10.5 to nine per cent by 2019.
CFIB says that although there are some concerns, overall it’s a good thing, adding the decision will pump millions of dollars back into the small business community. CFIB here in PEI says the decision to bring in the reduction is a signal that the concerns expressed by the small business community and others were heard.
Prime Minister Justin Trudeau says the plan will change the lifetime capital gains rule to avoid negative impacts on the inter-generational transfer of family businesses, like farms.