Small business tax planning in the 2020’s Where nothing is certain except uncertainty
Another federal election season is over, leaving the Liberal party in power with a minority government. Small businesses may be rightfully concerned about how this result will affect their bottom line, and what they can do to deal with a shifting tax landscape.
Though the Liberals may be expected to hold the course, the nature of governing with a minority does lead to some inherent uncertainty, including from a small business tax perspective. However, as the world becomes more complex and inter-connected, social and economic factors may be more likely drivers for tax change than the political dynamics of the day.
Certain current or emerging issues are of particular concern: and The growth of the online marketplace sharing economy
Increasing concern regarding change
- Tax competitiveness with other nations - Changes in Canadian demographics
This The lack of affordable housing is all to say that small businesses may be faced with an unprecedented level of tax uncertainty from many different sources. However, even in this challenging environment, there are a number of strategies that could potentially save businesses some money.