On Tuesday, February 27, 2018 the Honourable Bill Morneau, Minister of Finance, presented the 2018 Federal Budget, Equality + Growth: A Strong Middle Class, to the House of Commons.
Business Tax Changes:
As expected there are new passive investment rules in this budget which are effective for year-ends beginning after 2018 which will grind the access to the small business deduction and limit the refundable tax that can be recovered with the payment of eligible dividends.
No Changes to items such as:
- Capital gain inclusion rate
- Corporate tax rates
Personal Tax Changes:
Personal Tax Rates
The budget announced no change to the personal income tax rates.
Below is a summary of the tax highlights.
Below is the full 2018 Federal Budget commentary.
If you have any questions concerning the recent budget announcements, please do not hesitate to contact us.