Tax rate changes

Changes to the general business tax rate and the small business tax threshold took effect on July 1st, and the province says they’re expected to save Island businesses an estimated $9.3 million this fiscal year.  Changes include decreasing the general tax rate for businesses from 16 per cent to 15 per cent and increasing the small business income threshold by $100,000 to $600,000. Also, personal tax changes taking effect this year include increasing the basic personal amount by $400 to $14,650; increasing the spousal and equivalent amount by $340 to $12,443; and increasing the income threshold for low-income tax reduction by $400 to $22,650.