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Finance minister Bill Morneau confirms he’s adjusting controversial tax proposal

Click to play video: 'Morneau unveils adjustments to Federal Tax Reform in New Brunswick'
Morneau unveils adjustments to Federal Tax Reform in New Brunswick
WATCH: Federal Finance Minister Bill Morneau chose the town of Hampton, N.B. to unveil adjustments to Ottawa’s controversial tax reform plan. Well many say it’s a step in the right direction, Adrienne South reports there are still questions business owners want answered – Oct 18, 2017

Finance Minister Bill Morneau is adjusting his tax proposals on passive income so only about three per cent of the “most wealthy” privately owned corporations will have to pay higher taxes.

READ MORE: Justin Trudeau takes heat off Bill Morneau by fielding his questions

Morneau confirmed the changes today at a cafe in Hampton, New Brunswick.

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The minister says the system will now allow a threshold of 50-thousand dollars of passive income investment annually.

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He says this will help small business owners put money away for retirement and parental leave, rather than as a “tax planning” strategy for the rich.

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