The Canadian Federation of Independent Business (CFIB) is pleased that the federal government has deferred the increase in the capital gains inclusion rate to 66.7% until 2026 – after the next federal election.
This will be welcome news to many small business owners who were facing higher taxes from a tax change that was proceeding despite the lack of any legislation from Parliament. With the uncertainty Canadians face due to U.S. tariffs and our domestic political situation, making clear that taxes on entrepreneurship will not rise at this time is especially important.
This experience highlights the need for Canada to introduce rules guiding provisional authority for the Canada Revenue Agency to collect taxes. CFIB will be lobbying the next federal government to put in place legislation similar to the United Kingdom which allows its tax authority no more than six months to pass legislation and makes clear that prorogation in Parliament automatically returns tax rates to their previous levels if legislation was not passed.
– Dan Kelly, President, CFIB
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 100,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.
SOURCE Canadian Federation of Independent Business
