Article: Conservatives pledge review of tax system to ease headaches for small businesses

men in suits, gesturing at a tablet to represent small business

This week, the Conservative Party pledged to repeal changes to the tax system that were made by the Liberal government two years ago. These changes closed what the Liberal government described as a loophole that allowed small businesses to keep income from sources unrelated to their business inside their corporation. This meant the income would be taxed at a lower (corporate) rate than if it had been classified as income attached to their person.

Conservative Leader Andrew Scheer stated that a “A new Conservative government will continue to celebrate small businesses as drivers of prosperity, and not view them merely as sources of revenue.”

Read more at Bloomberg

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