Mary Ng
Hon. Mary Ng
Member of Parliament for Markham—Thornhill
News Release - Government of Canada Lowers Small Business Tax
October 16, 2017

October 16, 2017

Today, Prime Minister Justin Trudeau, Finance Minister Bill Morneau, and Small Business and Tourism Minister Bardish Chagger announced that our government is fulfilling its commitment to lower taxes on small businesses, from 11 per cent in 2015 to 9 per cent by 2019.

To support this change, the Government will be moving forward on changes to the tax system that will 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. This will include limiting the ability of largely high-income owners of CCPCs to lower their personal income taxes by spreading their income with family members who do not work in the business.

As Member of Parliament for Markham-Thornhill, Mary Ng heard and carefully considered the views and perspectives of small business owners and experts. In a series of one on one meeting in her constituency office, Ms. Ng heard from doctors, lawyers and small business owners from across the riding. Today it was announced that based on the consultations in the riding of Markham-Thornhill and across Canada, the Government will not be moving forward with proposals to limit the multiplication of the Lifetime Capital Gains Exemption.

In the coming days, the Government will announce further steps towards fairness for the middle class that will also take into account feedback received from Canadians during the consultation period. The modified proposals will ensure the measures are focused on a small number of wealthy individuals who get the biggest advantage from existing rules.

[fancyquote text='“Small businesses connect communities. They bring people together and help make our town, our cities, provinces and country thrive. Lowering the small business tax will ensure that small business owners in Markham-Thornhill have more money in their pockets at the end of the year so that they can save, invest in themselves, create more jobs and grow our economy.” ' name='Mary Ng' title='Member of Parliament for Markham-Thornhill']

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