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Canada Considering Tax Response To Compete With US

by Mike Godfrey, Tax-News.com, Washington

21 February 2018


The Canadian Government is conducting an analysis of the potential impact of the recent US tax reforms, Finance Minister Bill Morneau.

Morneau made the comments on February 16 after a pre-Budget meeting with economists.

"With respect to risks like changing tax rates, we need to do it right, so we are doing our analysis to understand the impact of any changes" Morneau told reporters.

Morneau said that this analysis will help ensure that the Government does not "act in an impulsive manner."

"We will carefully consider the US changes and the international situation to make sure that our economy is competitive," he added.

The US recently cut its corporate tax rate from 35 percent to 21 percent. Canada's headline federal corporate tax rate is 28 percent, and it recently reduced the small business rate from 10.5 percent to 10 percent, with a further reduction to nine percent to enter into force next year.

TAGS: tax | small business | business | corporation tax | tax thresholds | tax rates | Canada | United States | tax reform

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