Announcement a step in the right direction for small business’ competitiveness
Halifax, March 28, 2017 – The Canadian Federation of Independent Business (CFIB) is welcoming the announcement from the Nova Scotia Minister of Finance to increase the Small Business Corporate Income Tax Threshold from $350,000 to $500,000.
For the past three years, increasing the small business threshold to $500,000 was the most requested tax reform by CFIB members to improve Nova Scotia’s tax competitiveness. CFIB again raised the issue in our meeting with the Minister Delorey last month as it was a key recommendation contained in CFIB’s pre-budget submission.
“Nova Scotia cannot afford to lag behind the other provinces in terms of its tax competitiveness and we view increasing the Small Business Corporate Income Tax Threshold to $500,000 as a win for small businesses,” said Jordi Morgan, CFIB’s Atlantic VP. “We were a little surprised to hear this would be announced at a luncheon today, as typically this would be the type of announcement made when the budget is tabled, none the less, it’s a good step for small businesses in Nova Scotia.”
“We were disappointed when the threshold was reduced by the previous government and this corrects one of the many tax inequities facing small businesses operating in Nova Scotia.” Morgan added.
To arrange an interview with Jordi Morgan, contact Ryan Richard at 902 420-1997 or [email protected].
CFIB is Canada’s largest association of small- and medium-sized businesses with 109,000 members across every sector and region, of which 5,200 are in Nova Scotia.