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Heather Weber, Marty Clement, Trina Warren, Brian Posthumus, & Tom Dyas – Board President – Kelowna Chamber.
MNP's Marty Clement, Tax Partner, and Heather Weber, Indirect Tax Specialist presented their views at the Post-Federal Budget Tax Update Breakfast hosted by the Kelowna Chamber of Commerce on February 28, 2018.
Executive Director Dan Rogers gave the assessment at the breakfast, where he and our tax experts broke down what the newly released budget will mean for local businesses. Rogers echoed arguments from the Canadian Chamber of Commerce that the new budget contains some positive measures but doesn't address the most basic issues facing our economy. Marty Clement, a Tax Partner at MNP, said many of the updated rules will still be welcome news to local business owners after the initial proposed changes from July 2017, which he said were big band-aids applied to a system that's already very complicated and convoluted.
Clement explained the new rules for taxing small business' passive income are simpler than previously proposed and will dampen negative impacts on savings and investment for most small business owners (MNP's more in-depth look at the changes is here).
Clement also added despite some early concern, it appears corporations will still be a decent vehicle for savings and investing, something that should be a big relief for many local professionals.
For the full story, click here.
To learn more about the budget update and how it impacts you, contact Marty Clement, CPA, CA, Tax Specialist, at [email protected] or 250.979.1742.
Client Groups:Private Enterprise
Related Topics:Small Business; Corporate Tax; Entrepreneurs
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