Canada's Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the Budget 2022 on 7 April 2022. Some of the main tax measures of the Budget 2022 are summarized as follows:
Cutting Taxes for Canada's Growing Small Businesses
Small businesses currently benefit from a reduced federal tax rate of 9% on their first CAD 500,000 of taxable income, compared to a general federal corporate tax rate of 15%. A business no longer has access to this lower rate once its level of c…