Advertisement
Here's some details from the Parliamentary Budget Office
The Canadian Press: Parliament’s spending watchdog says Liberal changes to passive investment rules for small businesses could rake in up to $6 billion annually in new tax revenues after a decade.
The parliamentary budget office’s report out today says the new tax revenues would likely start out at up to $1 billion in the first year that new rules come into effect, and continue to rise.
The report says about 47,000, or 2.5 percent of Canadian-controlled private corporations, would be affected by the
changes the government is proposing.
Finance Minister Bill Morneau said last month the Liberals would establish a threshold of $50,000 on passive income per year, which would be equivalent to $1 million in savings, based on a nominal five percent rate of return.
The PBO says in its report that it can’t be certain about its estimates without more details from the federal government.
The report warns the figures don’t account for any changes small business owners may take to avoid paying more taxes, which could decrease revenue estimates by as much as 15 percent.
MORE ABOUT CAPITAL GAINS:
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
The former U.S. president’s second election victory sparks concerns over a ripple effect on the Canadian economy.
Trump win ignites crypto frenzy that sends bitcoin to a record high.
Inflation is down, wages are up. But the economic recovery has been uneven, with “two contradictory trends” shaping Canadians’...
Parents, here are the CCB payment dates for 2024, along with how much you can expect to receive each...
Investors in Canada and the U.S. look forward to post-election certainty, but concerns remain about interest rates and global...
Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates.
Equifax launches foreign credit score sourcing program for newcomers, building on a similar service offered by Nova Credit.
Created By
Ratehub.ca
The central bank lowers its key interest rate to 3.75% and says it now must keep inflation at 2%....
Alternative investments may bring to mind hedge funds or real estate. But niche collectibles are increasingly a part of...