Only small changes to tax code in federal budget expert

A pretty boring budget.That’s how one tax expert summed up the document presented by the Trudeau government Wednesday, but there are still some changes coming that will affect families and small business owners.Kevin Steinstra, senior tax manager with Grant Thornton, says there was some expectation we could have seen more changes but he says the fact we didn’t may be part of the Donald Trump effect.“They don’t want to start increasing taxes if the U.S. government is going to be reducing taxes because then it could put us at a competitive disadvantage with them,” he explained.Steinstra says the government really seemed to focus on tax fairness.“Having, it appears, the wealthier Canadians and business owners pay their fair share of tax and to stop certain tax loopholes that might be available for the rich that aren’t available for the average Canadian,” he said, referring to a tax planning strategy which allows business owners to pay spouses and adult children income to reduce taxes.The Liberals did get rid of the public transit tax credit. Steinstra says that’s in line with what we’ve seen from this government.“Last year they started eliminating the child fitness tax credit – it got more or less cut in half for the 2016 tax year, and now that’s going to be eliminated in 2017,” he said.He believes to some degree the tax code continues to get more complex for businesses but on the personal tax side, things may be getting easier. by Jonathan Muma Posted Mar 23, 2017 7:08 am MDT Last Updated Mar 23, 2017 at 7:10 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email (Pexel) Only small changes to tax code in federal budget: expert Related Stories Calgary’s mayor pleased with federal budgetHighlights from 2017 federal budget

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