The federal budget detailed a number of conditions that must be met to access the tax break, including being a founding owner in the company and holding shares for at least five years
Some industries say they are disappointed and confused by the federal government ’s decision to leave them out of a new tax break for small businesses that is modelled closely on a U.S. policy.saw an increase in capital-gains taxes that would affect owners who sell shares or ownership in their businesses. Two-thirds of the capital gains would be taxable, up from one-half previously, for corporations and for individuals who are realizing more than $250,000 in capital gains.
But the budget detailed a number of conditions that must be met to access the tax break. Those conditions include being a founding owner in the company and holding shares for at least five years prior to the sale. Restaurants Canada said that it welcomed some budget measures, such as the long-awaited carbon-price rebate for small and medium-sized businesses. However, the industry group said in an unsigned statement that it was disappointed that its members were kept out of the tax break.
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