Trudeau’s local business tax hikes have arrived.
The new Liberal budget announced that thousands of local businesses will no longer qualify for the small business tax rate or will see the benefit reduced.
The Liberals are withdrawing eligibility for the small business tax rate for those companies with investment income greater than $50K. Once investment income reaches $150K, the business would no longer be eligible for the small business tax rate.
Small business were already dealing with having to plan for the massive new carbon tax coming, and the Liberal increase to CPP and EI premiums, but now, the personal income taxes for job-creating entrepreneurs are over 53%