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The Accountant Blog
All Posts Blog: Tax Matters
All Posts Author: SuperUser Account


The Federal Government’s 2018 Budget touts Canada’s strong economic growth

over the past two years, including real GDP growth of 3.2 per cent since the

second quarter of 2016, an unemployment rate of 5.9 per cent, and significant

improvements in average weekly earnings, consumer confidence, and

household consumption. The Finance Minister expects similar growth in the

near-term. In addition, federal revenues increased by more than 11 per cent in

2017, largely from personal and corporate income taxes.

With this positive economic activity and outlook, the government has presented

an “Equality and Growth,” budget that includes tens of billions of

dollars in new or increased spending over the next six years, with the goal of

further growing government revenues by increasing economic participation

among women, visible minority Canadians and persons with disabilities, as well

as substantial long-term investments in science and technology.





Small and medium businesses in particular have reasons to be happy. Besides lowering their taxes, the Budget promises to reduce bureaucracy and penalties. For instance: 

• New employers who qualify will only need to remit source deductions quarterly; 

• To simplify interactions with different levels of government, the use of Business Numbers as common identifiers will be expanded; 

• The CRA will expand online taxpayer services, improve plain-language communications, and continue the Liaison Officer Initiative; and 

• The penalty for repeated failure to report income will now apply only if a taxpayer fails to report at least $500 of income in the current year and any of the three preceding tax years. 

 • Small business tax rate reduced from 11% to 9% over 4 years 

Other Highlights: 

• TFSA contribution limit increased to $10,000 

• RRIF minimum withdrawal amount reduced Money for women and young entrepreneurs, and research and innovation, should also promote small business and the economy.