Dan Kelly, president of the Canadian Federation of Independent Business, said the budget was a missed opportunity for indebted businesses
benefit from the preferential tax rate for small businesses under changes outlined inSmall businesses are taxed 9 per cent on the first $500,000 of their income, which is lower than the general corporate tax rate of 15 per cent. But under current rules, the benefit starts to phase out for businesses with capital of more than $10-million, and is gone for those with more than $15-million.
And the government delayed action on lowering the fees that credit-card companies are allowed to charge merchants for processing transactions. Small businesses have said the costs of processing such payments has risen even more during the pandemic, as fewer customers used cash.
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