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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Bill Morneau defends small business tax changes -
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Bill Morneau passive investment income will cap at $50,000 per year -
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Bill Morneau says passive investments changes won’t impact most small businesses -
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Morneau’s finances creating optics issues for Liberals? -
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Morneau’s finances creating optics issues for Liberals?
The minister says the system will now allow a threshold of 50-thousand dollars of passive income investment annually.
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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