Champagne says federal budget will fix small business tax troubles

Champagne says federal budget will fix small business tax troubles

Finance Minister François-Philippe Champagne says Thursday's federal budget will include new measures to support small and medium-sized businesses. Speaking at the Canadian Club in Toronto on Monday, he acknowledged that the tax code is hard to navigate without a tax adviser, and he promised the budget would make things simpler. He gave no specifics, but said Ottawa is considering more changes to the Scientific Research and Experimental Development program, which supports firms developing new technologies. The budget, the second under Prime Minister Mark Carney, is expected to feature the $36-billion productivity mega-deduction, which lets businesses immediately write off eligible investments. The Canadian Federation of Independent Business wants the government to lower the small business tax rate and fix tariff relief gaps that exclude smaller firms. Bank of Nova Scotia economist Rebekah Young has said the government could announce a targeted review of so-called boutique tax breaks, a step that would fall short of broad tax reform.