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STOUFFVILLE, Ont. — The federal Liberal government says it will lower the small business tax rate to 10 per cent in January and to nine per cent in 2019, the start of a week-long effort to stanch the bleeding from a self-inflicted political wound.
Prime Minister Justin Trudeau is making the announcement as his government faces widespread criticism for a package of controversial tax-reform proposals.
Trudeau campaigned in 2015 on a promise to reduce the small business tax rate to nine per cent from 11 per cent over three years — but he announced in Budget 2016 he would freeze the rate at 10.5 per cent, cancelling a legislated reduction to nine per cent instituted by the previous Conservative government.
Faced with a vocal opposition to the tax changes, the Liberal government is now reviving the nine per cent promise. According to Liberal MPs, who were briefed at a closed-door caucus meeting early Monday morning, the reduction will be phased in over two years.
