Federal Budget March 2017 Not Much Tax News but Beware the Trend

The federal budget brought down in March of 2017 was more interesting for what it did not do, than what it did. We were expecting an increase in the capital gains inclusion rate from 50% to 75% and that did not happen.

There are continued threats to increase the amount that “wealthy” taxpayers pay in income tax and the government is still studying the possibilities.

CRA has a different idea about wealthy taxpayers than we might. The age exemption for older taxpayers starts being reduced around $35,000 in annual income which is not my idea of a “wealthy” person.

As a society we should resist any effort to increase the amount of tax that is being charged to successful small business owners. If we remove incentives to be successful – people will stop starting businesses and providing employment to others. There has to be a reward for taking the risk of a business owner.

We can’t all work for the government, someone has to create wealth.

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