Prime Minister Mark Carney's second budget, due on 5 November, is expected to include measures to help small businesses cut costs and invest, the National Post reports, citing government sources.
Options under consideration include lowering the 9% small-business tax rate, simplifying tax filing and reducing employment insurance premiums for smaller firms. The government is also weighing faster or broader capital cost allowance write-offs for equipment and buildings.
Finance Minister Francois-Philippe Champagne said this week that cost of living was the budget's first priority, followed by growth for small and medium-sized firms.
The Canadian Federation of Independent Business, which wants the rate cut to 6%, warned that 63% of small business owners plan to leave their firms within a decade but only 6% have a succession plan. The government faces another large deficit.
Source: National Post
