Proposed federal changes to small business tax rates won’t negatively affect succession planning.
That’s according to Hastings-Lennox and Addington MP Mike Bossio, which comes as the government is looking into decreasing the small business tax rate, along with other changes to the tax system.
Bossio says the government has heard concerns these proposed changes will make it more expensive for owners to transfer their small businesses to a family member than to sell it to a third party. Bossio says that will not be the case.
Bossio says small businesses will still also be eligible for things like capital gains exemptions.
Exact details on changes to small business tax rates still have to be presented in the House of Commons.