The 2022 federal budget left some third rails of Canadian tax policy untouched: the principal residence exemption remains intact, and the capital gains inclusion rate remains 50%.
However, the feds introduced an anti-flipping tax as well as measures aimed at supporting new homebuyers. In good news for small business owners, eligibility for the 9% small business tax rate on the first $500,000 in active business income has expanded, and the government is consulting on Bill C-208.
Read all about these and other issues that matter to advisors.
Budget gives businesses greater access to small business rate
Feds set bank, insurer surtax at 1.5% for profits over $100M
New home savings account a “substantial” measure for new buyers