At 4pm EST today the liberal government delivered its 2018 federal budget.
The budget is largely a “stay-the-course” budget with no increases in overall spending. No major changes to those already communicated in December, 2017 have been tabled. Clarity has been provided regarding the treatment of passive income in small business corporations. Consolidation and extension of certain low-income, disability, and parental leave credits have been instituted. New spending for cyber defense and indigenous issues, while previous planned infrastructure spending has been deferred. The government maintains its planned reduction to the Small Business tax rate to 9% through 2019.
Sloan Partners’ detailed commentary will be available Wednesday, February 28th. For the full PDF copy, please contact Shawn Bausch, Tax Manager directly at firstname.lastname@example.org.