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On Tuesday, October 24, 2017, federal Minister of Finance Bill Morneau delivered the 2017 Fall Economic Statement.
The government reiterated their announcements from last week surrounding the proposed changes to the taxation of private corporations. There was little released with respect to new tax measures; however, the following summarizes the key points:
Announced on October 16 was a reduction to the Small Business Corporation tax rate from 10.5 percent to 10 percent as at January 1, 2018, and then to 9 percent as at January 1, 2019. Newly announced was an amendment to the small business deduction rate from 17.5 percent to 18 percent for the 2018 taxation year and 19 percent for the 2019 and subsequent taxation years.
In the Economic Statement, the Minister also announced that there will be adjustments to the taxation of non-eligible dividends. The gross-up amount of the non-eligible dividend will be reduced from 17 percent to 16 percent for the 2018 taxation year and to 15 percent for 2019 and subsequent taxation years. The dividend tax credit will also be amended for non-eligible dividends. The credit is currently 21 / 29 of the gross-up amount; this fraction will change to 8 / 11 for the 2018 taxation year and 9 / 13 for the 2019 and subsequent taxation years.
Indexation of the Canada Child Benefit (CCB) is currently legislated to begin July 1, 2020; it will now begin July 1, 2018. The government believes that increasing the benefits annually will strengthen the CCB by keeping pace with the rising cost of living.
The Working Income Tax Benefit (WITB) is a refundable tax credit that supports low-income workers. In the Fall Economic Statement, the government announced its intention to further enhance the WITB by $500 million annually starting in 2019. Further details with respect to this measure will be included in Budget 2018.
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