small business

How the proposed tax changes could affect your small business

Back in July, the federal government announced plans to close a trio of tax loopholes many Canadian small business owners utilize to shield their income from higher levels of taxation. By paying less in tax, many entrepreneurs are able to generate valuable savings that can see them through slow periods, or mitigate the other risks of self-employment, such as the absence of health benefits and pension plans. In some cases, tax savings are used to hire new staff or grow a successful business through innovation and development. In the wake of public and political opposition to its plan, the government recently revealed updated proposals. One of the initial ideas has been scrapped while the other two remain, albeit in modified forms......