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Finance committee Under the proposed rule, the eligibility for the small business deduction will start to be reduced once a CCPC earns $50,000 of passive investment income, and it will be gradually reduced until it reaches $150,000 of passive income, at which point the eligibility for the small bu
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee About 3% of corporations that are claiming the small business deduction would be impacted by the proposed change.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee For this specific measure, yes, it's about 3% of about 750,000 firms that are claiming the small business deduction.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee It's a bit difficult to talk about the government's motivation over time to make the credit temporary. The mineral exploration tax credit was first introduced in 2000, and was extended by governments since then on a temporary basis. The use of a temporary measure allows for an on
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee Yes, that information about the economy more generally and the mining sector, the commodity prices, and so on.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee There are certain types of equipment that would make efficient use of energy, and conserving energy in terms of heat that would generated out of a system that could then be reused for certain useful purposes. I'm not an engineer, but it's in terms of how the equipment can reuse
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee The objective of the small business deduction is to leave more after-tax income within businesses so more money is available for businesses to reinvest in their business. Overall, about 750,000 businesses each year claim the small business deduction.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee Under the proposed measure, for each additional dollar that you earn above $50,000 of passive income, the eligibility for the small business deduction will be reduced on $5 of active income. On those $5 of active income, the tax rate at the federal level in 2009 is proposed to be
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee The tax rate that applies on investment income is around 50% right now at the corporation. That is not going to change.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee In terms of additional, there is no change, so it would be around 50%.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee Yes.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee The tax rate will go from 9% to 15%, so 6% additional on those $5, so 30¢.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee Just to make sure that we understand each other, the 50 is the overall tax that applies on investment income. That's not changing.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee On the $5, 50% of the $5 will be taxable, so if you're taxed at the general rate—that's 15%—the overall tax will be, if I'm calculating this correctly, 75¢. But the change is 30¢.
April 24th, 2018Committee meeting
Maude Lavoie
Finance committee It was 9%. So it goes from—
April 24th, 2018Committee meeting
Maude Lavoie